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Sector movers: Home construction stocks hit by worse than expected CPI data
(Sharecast News) - Home Construction stocks proved the biggest drag on the stock market as consumer price data for the month of May surprised to the upside again. According to the Office for National Statistics, headline inflation was steady at 8.7% year-on-year (consensus: 8.4%), even as core CPI unexpectedly picked up.
The data arrived a day before the Bank of England was expected to announce its 13th consecutive rate hike to 4.75%.
Personal Goods were lower again, weighed down by shares of Burberry amid investor concern regarding the scope of possible new Chinese stimulus measures and their timing.
Precious metals miners meanwhile remained under pressure as the head of the US Federal Reserve said in Congressional testimony that additional interest rate hikes were likely.
August gold futures on COMEX were little changed on COMEX at $1,945.20/oz. but September-dated silver dropped 2.22% to $22.93/oz..
Going the other way, Automobiles&Parts headed up gains as Aston Martin shares struck a fresh 52-week high.
Top performing sectors so far today
Automobiles & Parts 1,850.28 +3.43%
Oil, Gas and Coal 8,084.60 +1.78%
Construction & Materials 8,386.65 +1.68%
Tobacco 28,589.67 +0.82%
Aerospace and Defence 6,475.68 +0.26%
Bottom performing sectors so far today
Personal Goods 29,707.77 -3.80%
Household Goods & Home Construction 10,156.60 -3.03%
General Industrials 6,055.74 -2.76%
Precious Metals and Mining 10,344.04 -2.18%
Leisure Goods 26,157.88 -2.09%
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