BP Whiting refinery restart could begin by Wednesday sources
Both major UK indexes on track for monthly decline
FTSE 100 and FTSE 250 down 0.7
Aug 31 Reuters UK39;s FTSE 100 fell on Wednesday, extending losses after a sharp selloff in the previous session, as a weakness in defensive sectors such as healthcare, utilities and consumer staples weighed on the bluechip index.
The FTSE 100 fell 0.7 in choppy trading at 0830 GMT, after its worst day in seven weeks, while the domestically focussed midcap index slid 0.7.
Dragging the benchmark index lower, drugmaker AstraZeneca and Unilever fell more than 1 each, while utilities company National Grid declined 3.7.
Meanwhile, data showed shops and supermarkets in UK posted the largest rise in prices since records dating back to 2005, reflecting a jump in food costs caused by the war in Ukraine.
Confidence among British businesses has sunk to its lowest since March 2021 as companies worry about fastrising inflation, according to another survey, which also showed pay pressures stabilising after a recent rise.
When we look at some of these inflation indicators, it is obviously deeply concerning because it all feeds into the idea the Bank of England has a lot more to do, which is going to compound the pressure on the economy and it is going to be harder to ultimately get under control, said Craig Erlam, senior market analyst at Oanda.
Both the major UK indexes were headed for monthly losses, with the midcap FTSE 250 index…