LONDON, Aug 20 — UK shares tracked Asian markets lower today, as worries mounted over a prolonged economic fallout from the Covid-19 pandemic following the US Federal Reserve’s cautious tone on recovery.
The FTSE 100 index was 1.2 per cent lower by 0707 GMT, with the midcap bourse falling 0.8 per cent.
Minutes of the Fed’s July 28-29 policy meeting showed policymakers saw a rebound in employment already slowing and that additional “substantial improvement” would depend on the reopening of business activity.
They warned of a highly uncertain path for recovery from the global health crisis that has hammered business activity across the world.
On corporate news-driven moves, miner Antofagasta fell 5 per cent after posting a plunge in half-year earnings, while InterContinental Hotels gained 2.5 per cent after a newspaper report that French rival Accor had examined a merger with it. — Reuters
