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Pound jumps on UK inflation data Pound jumps on UK inflation data
(about 5 hours later)
The pound jumped after the UK inflation rate rose to 0.1% in July, which was above forecasts. (Close): The pound jumped after the UK inflation rate rose to 0.1% in July, which was above forecasts.
The figure raised expectations that the Bank of England will start to raise interest rates before too long.The figure raised expectations that the Bank of England will start to raise interest rates before too long.
The pound jumped more than a cent against the dollar to $1.5704 and was up more than one euro cent against the euro at €1.4202. The pound surged more than a cent against the dollar to $1.5656 and was up more than one euro cent against the euro at €1.4200.
However, the FTSE 100 fell 23.51 points to 6,526.79, with mining shares hit by further falls in commodity prices. The FTSE 100 closed down 24.01 points to 6,526.29, with mining shares hit by further falls in commodity prices.
Antofagasta and BHP Billiton were the biggest fallers on the index, both dropping by 1.9%. Antofagasta was the biggest faller on the index, closing down by 2.09%, while BHP Billiton closed down 1.85%.
Further falls in the oil price hit the major oil companies, with Royal Dutch Shell down 1.5% and BP 1.2% lower. Further falls in the oil price hit the major oil companies, with Royal Dutch Shell closing down 1.62% and BP 1.16% lower.
Shares in Persimmon experienced mixed fortunes after the housebuilder reported a big rise in half-year profits.Shares in Persimmon experienced mixed fortunes after the housebuilder reported a big rise in half-year profits.
The company said it had "traded well" in the first half of 2015, with pre-tax profits up 31% to £272.8m.The company said it had "traded well" in the first half of 2015, with pre-tax profits up 31% to £272.8m.
Its shares rose at first, but then headed lower and were down 1.4% by midday Its shares rose at first, but then headed lower and were down 1.7% at close.
In the FTSE 250, shares in William Hill rose 1.7% after broker Numis raised its rating on the stock to "buy" from "hold". In the FTSE 250, shares in William Hill closed up 1.75% after broker Numis raised its rating on the stock to "buy" from "hold".