London Stocks Take Hit As Wall Street Slips

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(Alliance News) - Stock prices in London closed in the red on Tuesday, following Wall Street lower, as investors look ahead to a key interest rate decision from the US Federal Reserve.

The FTSE 100 index closed down 2.90 points at 8,144.13. The FTSE 250 ended down 119.40 points, 0.6%, at 19,965.39, and the AIM All-Share closed down 2.59 points, 0.3%, at 760.74.

The Federal Open Market Committee meeting kicked off Tuesday, with a decision scheduled on Wednesday. The Fed is expected to leave rates unmoved, with focus on what Chair Jerome Powell has to say at a subsequent press conference.

Analysts at Brown Brothers Harriman said they are expecting to "see a hawkish hold." James Knightley at ING also anticipates "a hawkish shift."

Stocks in New York were lower at the London equities close. The DJIA and the Nasdaq Composite were both down 0.8%, while the S&P 500 index was down 0.7%.

The pound was quoted at USD1.2523 at the London equities close Tuesday, down compared to USD1.2554 at the close on Monday.

The euro stood at USD1.0690 at the European equities close Tuesday, lower against USD1.0717 at the same time on Monday.