NEW YORK, Jan 6 — UK shares dropped today, tracking a fall in global equity markets after minutes of the US Federal Reserve’s December meeting showed the central bank’s hawkish stance toward interest rate hikes as it looks to tame high inflation.
Global equities sold off as US central bank policymakers said in their meeting last month that a “very tight” job market and unabated inflation might require the Fed to raise interest rates sooner than expected, according to minutes released on Wednesday.“If you’re looking for a value play at the moment, UK is quite attractive,” said Oliver Blackbourn, portfolio manager at Janus Henderson Investors.
The FTSE 100 gained 14.3 per cent in 2021, lagging European and US peers, but Blackbourn said he expects UK stocks to start catching up as markets move toward more value-oriented segments from growth sectors such as technology. Britain’s services sector grew in December at the slowest pace since the country was last in lockdown, as the spread of the Omicron variant of the coronavirus hammered hospitality and travel, a survey showed.
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