London Stocks Decline Amid Renewed Worries Over US Fed's Independence
Market Reaction to Political News: British equities fell as global markets adopted a risk-off approach following President Trump's announcement of firing Federal Reserve Governor Lisa Cook, raising concerns about the Fed's independence.
FTSE 100 Performance: The FTSE 100 index declined by 0.6%, ending a five-day winning streak, with major banks like HSBC and Standard Chartered contributing significantly to the drop.
Impact on Other Indices: The pan-European STOXX 600 also fell by 0.7%, while the UK's FTSE 250 midcap index dropped 1.1%, influenced by downgrades from Deutsche Bank affecting companies like Wickes and Kingfisher.
Positive Movement in Precious Metals: Despite the overall market decline, precious metal miners saw a 1.4% increase as gold prices rose to a two-week high, indicating some sectors remained resilient amidst the turmoil.
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