© Reuters. FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain, August 24, 2015. REUTERS/Suzanne Plunkett/File Photo
(Reuters) – UK shares slipped on Tuesday as surging inflation stoked worries about central banks’ rate-hike path ahead of key meetings, while JD Sports fell after the antitrust watchdog found the retailer to have conspired to illegally fix certain product prices.
The blue-chip slipped 0.1%, while the midcap index fell 0.3%.
UK Prime Minister Boris Johnson survived a no-confidence vote among his Conservative Party’s lawmakers on Monday, but gilts and Treasuries nursed losses from selling that began as talk of a move to replace him gathered steam.
Investor focus was on Bank of England and U.S. Federal Reserve’s interest rate decisions next week, and a European Central Bank (ECB) meeting on Thursday. Markets have priced in several ECB rate increases and the end of bond-buying stimulus.
Biffa, however, jumped 28.9% after saying it had received a possible buyout offer from affiliates of private equity firm Energy Capital Partners, valuing the British waste-management specialist at about 1.36 billion pounds ($1.70 billion).
Ted Baker (LON:) plunged 19.3% after the British fashion chain said its preferred bidder will not make a takeover offer and it would now determine whether to take the formal sale process ahead with other proposals received.
UK’s biggest sportswear retailer JD Sports Fashion fell 2.1% to become the top decliner on the FTSE 100 after UK’s competition watchdog provisionally found that JD Sports and Elite Sports, along with the Rangers Football Club fixed retail prices of certain Rangers-branded clothing products.
Retailers were the top decliners on the FTSE 100, down 1.3%.
($1 = 0.8006 pounds)