FTSE 100 Slides in Red Even as Unemployment Rate Improves To 5%

2 min read | March 23, 2021 10:48 PM AEDT | By Abhijeet

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FTSE 100 Slides in Red Even as Unemployment Rate Improves To 5%

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Summary

FTSE 100 went further in the negative territory after opening lower

The index fell of 0.91 per cent to an intraday low of 6,664.76

Unemployment rate in the UK dropped to 5 per cent in January 2021

Almost all the other major European benchmarks followed suit

The benchmark FTSE 100 index went further in the negative territory after opening lower on Tuesday, 23 March, as worries around Covid-19 pandemic resurfaced. The marginal improvement in the unemployment rate failed to lift the prospects of equities. According to the figures released by the Office for National Statistics (ONS), the unemployment rate in the United Kingdom dropped to 5 per cent in January 2021 as compared to 5.1 per cent in December 2020.

According to the latest trading data available with the London Stock Exchange, the FTSE 100 was trading at 6,696.45 (0840 GMT), down 0.44 per cent, from the previous close of 6,726.10. In the intraday session so far, the index recorded a plunge of 0.91 per cent to 6,664.76.

As the trading progressed, the index tried to pare the losses partly but was still hovering in the red. The broader benchmarks followed suit, with FTSE 250, FTSE 350 and FTSE All-Share dipping 0.48 per cent, 0.40 per cent and 0.39 per cent, respectively.

European markets also extended losses on Tuesday. Barring the slight gains in the stock indices of Switzerland and Spain, all the other major benchmarks slipped into the negative region. Germany’s DAX fell 0.52 per cent, France’s CAC 40 slid 0.38 per cent, Italy’s FTSE MIB 0.53 per cent, while Spain’s IBEX 35 and Swiss SMI of Switzerland rose marginally up to 0.1 per cent.

Investors are now bracing for the upcoming speech by the Bank of England Governor Andrew Bailey later today. On the other hand, market participants are also awaiting the upcoming macro data as ONS is scheduled to release the CPI inflation numbers for the month of February on 24 March.

The government of the United Kingdom has already set out the new roadmap regulations ahead of the Parliament vote on Coronavirus Act and roadmap on Thursday, 25 March, later this week. The next phase of easements is slated to be inducted from 29 March, paving the way for full-scale relaxations from 21 June.

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