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London stock market dips as inflation soars

Europe’s main stock markets wavered at the open on Wednesday, with London sliding on news that UK inflation has spiked to a 40-year peak.

The British capital’s benchmark FTSE 100 index dropped 0.2 percent to 7,507.32 points, as official data showed inflation soared to 9.0 percent in April on rocketing energy costs.

In the eurozone, Frankfurt’s DAX was marginally lower at 14,180.87 points but the Paris CAC 40 edged almost 0.1 percent higher to 6,434.11.

Investors remain on red alert over decades-high inflation, which has surged around the world as Russia’s invasion of Ukraine fuels spiking energy and food prices.

That in turn has sparked interest rate hikes from major central banks including the Bank of England and the US Federal Reserve, as they seek to contain runaway consumer prices.