UK stocks lag European peers after hot inflation data

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(For a Businesshala live blog on the US, UK and European stock markets, click/ or type live/ in a news window)

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* FTSE 100 down 0.1%, FTSE 250 0.2% off

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Nov 17 (Businesshala) – The UK’s FTSE 100 index lagged behind its European peers on Wednesday, as a rise in British inflation to a 10-year high fueled bets on a hike in interest rates early next month.

British consumer prices rose 4.2% year-on-year in October, from a 3.1% increase in September, driven by rising household energy bills.

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The internationally focused FTSE 100 index, which has components that draw a large portion of revenue in dollars, slipped 0.1% as sterling rose to a one-week high against the dollar.

Financial markets currently have an almost 100% chance that the Bank of England (BoE) will raise rates from 0.1% to 0.25% in December.

Energy stocks fell 0.3% last week after US gasoline stocks fell more than expected, adding to pressure on the Biden administration to release oil from emergency reserves.

British renewable energy generator and network operator SSE plc fell 5.3% after reporting a 25% drop in renewable energy production. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shailesh Kuber)

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