👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

UPDATE 1-FTSE 100 flat as grim jobless data offsets energy gains; HSBC slides

Published 02/23/2021, 05:50 PM
Updated 02/23/2021, 06:00 PM
UK100
-
HSBA
-
IHG
-
BP
-
RDSa
-
FTMC
-
FTNMX405010
-

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Unemployment rate edges up to 5.1%
* HSBC slips as annual profit falls 34%
* Travel and leisure stocks jump on lockdown exit plan
* FTSE 100 flat, FTSE 250 adds 0.9%

(Adds comments, updates prices)
By Shivani Kumaresan
Feb 23 (Reuters) - London's FTSE 100 was subdued on Tuesday
as a sharp rise in the unemployment rate to 2016-highs
overshadowed gains in energy and travel-related stocks, while
HSBC dropped after the lender abandoned its long-term
profitability targets.
The commodity-heavy FTSE 100 .FTSE was flat by 0921 GMT,
as Britain's jobless rate rose to 5.1% in the last three months
of 2020. The mid-cap FTSE 250 .FTMC , however, gained 0.9%, boosted
by a 2.4% jump in travel and leisure stocks .FTNMX5750 , a day
after Prime Minister Boris Johnson unveiled a map out of the
lockdown for England, although the plan would keep some
businesses shuttered until the summer. "We might have a roadmap out of lockdown, but unemployment
is still heading in the wrong direction and things will get
worse before they get better," said Laith Khalaf, a financial
analyst at AJ Bell.
"A cautious release from social restrictions may forestall a
future lockdown, but it also serves to dampen economic activity
and put jobs under pressure."
A raft of global stimulus has helped the FTSE 100 recover
about 35% from a coronavirus-driven crash last year, but it has
lagged its European peer on worries about the economic damage
from prolonged lockdowns. More recently, fears of rising
inflation have hit equities worldwide.
Higher commodity prices boosted shares of BP BP.L and
Royal Dutch Shell RDSa.L by 2.4% and 0.8%, respectively. O/R
HSBC Holdings Plc HSBA.L fell 1.1% after unveiling a
revised strategy, focused mainly on wealth management in Asia as
the COVID-19 crisis pushed the lender's annual profit sharply
lower. Shares of Holiday Inn-owner InterContinental Hotels IHG.L
rose 3.4% on optimism over Britain's lockdown exit plan, despite
posting an annual loss triggered by repeated COVID-19
restrictions and lockdowns.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.