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HomeBusinessBritish stocks open lower over concerns of tighter monetary policy

British stocks open lower over concerns of tighter monetary policy

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British stocks fell at the open on Thursday, as minutes from the U.S. Federal Reserve’s last meeting rekindled concerns of tighter monetary policy, while shares of Currys slipped after the retailer reported a fall in profit.

By 0705 GMT, the blue-chip FTSE 100 fell 0.8 percent, while the domestically-focussed FTSE 250 midcap index lost 0.6 percent.

Currys slipped 8.3 percent after the electricals retailer reported a 38 percent slump in full year profit.

READ ALSO: Oil prices decline despite output cuts by Saudi, Russia

Adding to the selling pressure, minutes from the U.S. Federal Reserve’s June meeting showed “almost all” officials agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed.

China-exposed bank HSBC and insurer Prudential lost 1.1 percent and 1.4 percent, respectively, on elevated Sino-U.S. tensions.

Industrial metal miners fell 1.3 percent as prices of most base metals came under pressure.

United Utilities climbed 2.4 percent after Morgan Stanley raised the water utility firm’s rating to “overweight” from “equal-weight.”

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