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June 17, 2021, 7:04 a.m. EDT

Miners fall but banks rise in London after Fed decision

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By Steve Goldstein

U.K. stocks on Thursday saw a mixed reaction to the surprisingly hawkish tone from the U.S. Federal Reserve.

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -3.64% fell 0.6%, after the Fed’s summary of economic projections showed two interest rate increases in 2023 and the central bank said that it has begun discussing when to slow down the rate of bond purchases.

With metals prices reacting to the rise in bond yields — gold futures /zigman2/quotes/210034565/delayed GC00 +0.45% fell $63 an ounce — shares of metals producers including Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -2.69% and Anglo American /zigman2/quotes/201381512/delayed UK:AAL -7.40% fell.

But banks including HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA -6.70% , Standard Chartered /zigman2/quotes/200125072/delayed UK:STAN -8.88% and Barclays /zigman2/quotes/208409333/delayed UK:BARC -7.08% advanced on the news. Bank shares tend to rise when bond yields increase, as investors hope for improving margins.

Premier Inn operator Whitbread /zigman2/quotes/207954631/delayed UK:WTB -8.72% rose 3%, after reiterating its outlook for the year, following a fiscal first quarter in which like-for-like sales were 71% below two years ago.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,044.03
-266.34 -3.64%
Volume: 1.33M
Nov. 26, 2021 4:44p
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/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,792.30
+8.00 +0.45%
Volume: 181,967
Nov. 26, 2021 1:44p
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,542.50 p
-125.50 -2.69%
Volume: 3.30M
Nov. 26, 2021 4:35p
P/E Ratio
5.36
Dividend Yield
13.78%
Market Cap
£77.56 billion
Rev. per Employee
£732,787
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,635.00 p
-210.50 -7.40%
Volume: 4.49M
Nov. 26, 2021 4:35p
P/E Ratio
6.65
Dividend Yield
6.66%
Market Cap
£34.81 billion
Rev. per Employee
£253,662
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/zigman2/quotes/203901799/delayed
UK : U.K.: London
414.05 p
-29.75 -6.70%
Volume: 29.19M
Nov. 26, 2021 4:35p
P/E Ratio
10.31
Dividend Yield
3.99%
Market Cap
£90.38 billion
Rev. per Employee
£257,711
loading...
/zigman2/quotes/200125072/delayed
UK : U.K.: London
411.60 p
-40.10 -8.88%
Volume: 8.86M
Nov. 26, 2021 4:35p
P/E Ratio
15.24
Dividend Yield
2.11%
Market Cap
£13.91 billion
Rev. per Employee
£194,812
loading...
/zigman2/quotes/208409333/delayed
UK : U.K.: London
181.66 p
-13.84 -7.08%
Volume: 60.55M
Nov. 26, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
1.65%
Market Cap
£32.74 billion
Rev. per Employee
£332,602
loading...
/zigman2/quotes/207954631/delayed
UK : U.K.: London
2,837.00 p
-271.00 -8.72%
Volume: 1.02M
Nov. 26, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£6.27 billion
Rev. per Employee
£20,742
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