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May 29 Reuters London stocks edged lower on Wednesday after higher U.S. bond yields pressured equities globally, while fresh U.S. data reignited inflation worries and cast doubts about the timing of Federal Reserve rate cuts.

The bluechip FTSE 100 was down 0.2 at 8,238.9 points, trading at a threeweek low. The index is bound for its longest losing streak since August 2023.

Analysts speculate that the benchmark index could be teetering on the edge of a correction phase, with a retreat back to the 8,000 mark serving as a definitive signal of this trend.

The U.S. 10year Treasury yields rose as high as 4.556, pressuring equities after data showed a sharp improvement in U.S. consumer confidence measure for May that suggested sticky inflation would keep rates higher for longer.

It39;s just investor concerns. It39;s been pessimistic over the last few days. It39;s also a very datalight week. We have chunky, solid information coming next week and that sometimes that39;s enough for investors to just have a bit of a pause, said Christopher Peters, trading floor manager at Accendo Markets.

It may be a lull before it FTSE bounces.

The twoyear UK gilt yield rose to its highest since February 2023 at 4.555, while the yield on the benchmark 10year gilt rose to 4.317.

All eyes are now pinned on the…