By Ragini Mathur
(Reuters) -Britain’s main stock indexes declined on Thursday, dragged by losses in consumer-related shares, while global investors turned their attention to the U.S. Federal Reserve’s annual symposium in Jackson Hole.
As of 1016 GMT, the blue-chip FTSE 100 <.FTSE 100> was down 0.2%, and the midcap index FTSE 250 declined 0.5%.
The three-day gathering of central bankers is set to begin later in the day, with investors particularly focused on Fed Chair Jerome Powell’s Friday speech for signals about a potential interest rate cut in September.
In the UK markets, consumer shares fell 0.3%, weighing on the stock indexes.
Healthcare shares also declined 0.4%.
Travel retailer WH Smith slumped 41.7% and was on track for its worst single-day decline on record, after it lowered annual profit outlook.
Stocks including InterContinental Hotels Group, Schroders, Entain and Mondi fell as they traded ex-dividend.
The pullback comes a day after the FTSE 100 hit a record close, benefiting from a market rotation away from technology stocks that had triggered a selloff on Wall Street earlier this week.
“While the FTSE’s lack of tech stocks meant it has underperformed in recent years, the recent rotation into value has put the wind in the FTSE’s sails,” said Fiona Cincotta, senior market analyst at City Index.
Supporting the gains on Thursday, aerospace and defence companies rose 1.1%.
Energy sector added 0.5% as oil prices gained, bolstered by signs of strong demand in the U.S. and uncertainty over efforts to end the war in Ukraine. [O/R]
On the economic data front, PMI figures for August revealed the British businesses are having their strongest month in a year thanks to a rebound in the dominant services sector.
Additionally, Britain’s public borrowing in the financial year so far has matched forecasts underpinning the government’s tax and spending plans.
(Reporting by Ragini Mathur in Bengaluru, additional reporting by Joel Jose; Editing by Sahal Muhammed)
