British Equities Slide Amid U.S. Fiscal Concerns and UK Budget Woes
British equities experienced a setback due to rising concerns about the U.S. fiscal outlook and the UK's unexpected budget deficit. The FTSE 100 and FTSE 250 indices declined, with major firms like Shell and BP experiencing notable losses. However, Johnson Matthey surged following a lucrative deal with Honeywell.
On Thursday, British equities took a hit as investor sentiment was shaken by both the challenging U.S. fiscal outlook and the UK's larger-than-anticipated budget deficit. The FTSE 100 and the FTSE 250 ended the day lower, highlighting the broader market decline.
The passing of a major tax and spending bill by the U.S. House of Representatives exacerbated fears of increasing federal debt, worrying investors about its potential impact on the economy. Meanwhile, the UK's April borrowing figures added to the pressure on public finance perceptions.
Despite the overall downturn, Johnson Matthey's shares soared after announcing the sale of its catalyst technologies unit to Honeywell. The UK Composite PMI showed an improvement, offering a glimmer of hope amid the economic concerns.
(With inputs from agencies.)
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