(Reuters) – London’s FTSE 100 was flat on Tuesday morning, with UK markets reopening after a long weekend, and as investors waited for the April U.S. consumer price inflation report due later in the week before placing big bets.
By 0715 GMT, the blue-chip FTSE 100 was subdued.
International Consolidated Airlines Group S.A gained 1.7% after Peel Hunt raised the British Airways owner’s rating to “buy” from “hold”.
Britain’s biggest sportswear retailer JD Sports Fashion said it has proposed to acquire France-based sportswear retailer Courir for an enterprise value of 520 million euros ($572.4 million). Its shares gained 2.9%.
Weighing on the commodity-heavy FTSE 100 index, energy stocks dipped 0.5% as oil prices relinquished some of the strong gains of the previous two sessions ahead of U.S. inflation figures for further cues on Fed’s rate hike path. [O/R]
U.S. April consumer price inflation is expected to rise 0.4%, and is due on Wednesday.
The more domestically-focussed FTSE 250 midcap index fell 0.1% as Direct Line Insurance Group lost 7.0% after the motor insurer said 2023 earnings outlook continues to be challenging.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Nivedita Bhattacharjee)
