Wall Street lower and FTSE 100 closes in the red amid gloomy inflation picture

FTSE 100 Reuters raders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid
Wall Street and the FTSE 100 struggled for direction as inflation fears were stoked. Photo:Brendan McDermid/Reuters

The FTSE 100 and European stocks are struggling to make any gains this Wednesday, with the UK’s benchmark lower on the news that inflation jumped to a 41-year high of 11.1% due to surging energy bills.

On Wall Street, stocks opened lower after Target (TGT) cut its forecast, stoking fears of inflation businesses during the Christmas season.

The retailer fell short of third-quarter earnings expectations and that customers were cutting back on spending as they faced higher borrowing costs and uncertainty about the state of the economy.

The Dow Jones (^DJI) was flat at 33,580 points. The S&P 500 (^GSPC) lost 0.60% to 3,967 points and the tech-heavy Nasdaq (^IXIC) retreated 1.41% to 11,200.

The FTSE 100 (^FTSE) closed in the red, losing 0.25% to 7,350 points, while the CAC (^FCHI) in Paris retreated 0.63% to 6,599 points. In Germany, the DAX (^GDAXI) lost 1.13% to 14,216.

Sage (SGE.L) wasthe biggest FTSE 100 riser, up 7.36% following its results.

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BAE Systems (BA.L) climbed 3.47%, following the blast in Poland that killed two people near the Ukrainian border.

Meanwhile, Brent crude (BZ=F) retreated to $92/barrel.

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In Asia, Tokyo’s Nikkei 225 (^N225) climbed 0.14% to finish at 28,028 while the Hang Seng (^HSI) in Hong Kong slipped 0.47% to 18,256. The Shanghai Composite (000001.SS) also finished in negative territory, losing 0.45% to 3,119 points.

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