FTSE 100 slumps at the open as rate hike worries persist

The FTSE 100 began the trading session on a sour note, experiencing a decline of 0.6%. Investors continued to grapple with concerns regarding potential interest rate hikes, which weighed on market sentiment. Meanwhile, the FTSE 250, which focuses on domestic companies, also saw a modest drop of 0.3%.

Amid this overall bearish sentiment, there was a glimmer of positivity as Coca Cola HBC’s shares jumped 3.6% following the beverage bottling company’s announcement of an upward revision of its profit outlook for 2023.

Industrial group Rotork saw a 1.4% increase in its stock price following a rating upgrade by Jefferies from “hold” to “buy.”

Despite the market’s overall slump, certain sectors fared worse than others. The pharmaceuticals and biotech sectors, along with utilities, were among the top losers, experiencing declines of 1.1% and 0.9%, respectively.

Investors will be closely watching the key U.S. jobs data results, set to be released later today, as they will offer insights into the Federal Reserve’s monetary tightening plans going forward.