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