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Market Update: UK Stocks Rebound Helped by Morrisons Rally
The FTSE 100 rebounded slightly above 7,030 on Monday, after touching a one-month low earlier in the session, helped by an over 30% jump in shares of Morrisons. Britains fourth largest grocer by sales rejected an offer worth £5.5 billion from private equity firm Clayton, Dubilier & Rice. Meanwhile, heavyweight mining and travel stocks were under pressure, amid concerns over rising inflation ahead of the Bank of England’s rate decision later in the week. Investors continued to worry that rate hikes could come sooner than expected, after St. Louis Fed President James Bullard said late on Friday that the US Fed might begin raising rates as soon as next year. Elsewhere, concerns over a resurgence in coronavirus cases in the UK mounted, despite one of the worlds most successful vaccination campaigns, with the government signaling it will keep restrictions on overseas travel in place for now. [/s2If]
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