Burberry, commodity stocks drag FTSE 100 lower; inflation woes linger

FTSE 100 gains on commodity boost; investors eye BoE policy decision
FTSE 100 gains on commodity boost; investors eye BoE policy decision   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<p><body> <p>(Reuters) – London’s <span class="caps">FTSE</span> 100 fell on Thursday, dragged down by heavyweight commodity stocks and Burberry Group after an underwhelming earnings update, while fears of a pickup in inflation as the economy recovers hurt demand for equities.</p> <p>The blue-chip index slipped 1.3%, giving up the previous session’s gains. Luxury brand Burberry tumbled 8.1% to the bottom of the index after it reported a 10% drop in annual sales, impacted by store closures and reduced tourism due to <span class="caps">COVID</span>-19.</p> <p>Oil majors BP and Royal Dutch Shell, and miners were among the biggest drag to the index on lower oil and commodity prices. [O/R][MET/L] </p> <p>The domestically focussed mid-cap <span class="caps">FTSE</span> 250 index declined 0.8%.</p> <p>Globally, stocks slipped after a shocking rise in U.S. inflation bludgeoned Wall Street and sent bond yields surging on worries the Federal Reserve might have to move early on tightening. [MKTS/GLOB]</p> <p>BT Group, Britain’s biggest broadband and mobile provider, slid 4.2% after it reported a 7% fall in revenue and a 6% drop in adjusted earnings for the year to end-March, and forecast adjusted revenue to be broadly flat this year.</p> <p/> <p> (Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu)</p> </body></p>