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U.K. stocks traded lower on Wednesday after U.K. inflation came in unchanged at the official target in June, but the stability of services inflation reduced chances of a rate cut in August.<\/p>\n
The consumer price index grew 2.0 percent on a yearly basis, the same pace of growth as seen in May, the Office for National Statistics said. Headline inflation was expected to ease to 1.9 percent.<\/p>\n
The chances of an interest rate cut in August diminished a bit more as services inflation steadied at 5.7 percent.<\/p>\n
The benchmark FTSE 100 was down 18 points, or 0.2 percent, at 8,147 after falling 0.2 percent the previous day. <\/p>\n
In corporate news, mining giant BHP rose 0.6 percent after posting second straight year of record iron ore production. <\/p>\n
Peer Antofagasta slumped 4 percent. The Chilean miner warned annual production would be at the lower end of guidance.<\/p>\n
HSBC Holdings was marginally lower as the lender announced the appointment of Georges Elhedery as the group chief executive.<\/p>\n
Reckitt Benckiser shares were fluctuating. The consumer goods group said sales will be affected by a tornado that struck a warehouse in Mount Vernon, Indiana.<\/p>\n
Smiths Group fell more than 1 percent after the engineering firm announced the sale of 1.2 million shares in ICU Medical. <\/p>\n<\/p>\n<\/div>\n