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London open: Stocks fall after reports of blasts in Belgium
UK stocks declined on Tuesday after reports of explosions in Belgium sent ripples through the market.
At least 10 people were killed and about 30 injured after two explosions rocked Brussels’ Zaventem airport in the morning.
Airport authorities confirmed the explosions, adding that flights had been suspended and all buildings evacuated.
There were also reports of a blast at the city centre’s Maalbeek Metro station. AP reported that several people were injured.
Airline stocks plunged in response to the reports with International Consolidated Airlines, easyJet, TUI AG, Thomas Cook Group and Wizz Air among the biggest fallers in morning trade.
“Investors will be fearful of the knock-on to European traveller sentiment which was clearly dented in the wake of the Parisian attacks last November (as well as those in Tunisia and Egypt),” said Mike van Dulken, head of research at Accendo Markets.
Meanwhile, investors were also awaiting UK inflation figures at 0930 GMT. The consumer price index is expected to have risen 0.4% in February compared to the same time a year ago, marking an improvement on the previous month’s 0.3% year-on-year gain.
On a month-on-month comparison, CPI is forecast to have increased 0.4% in February compared to a 0.8% decline in January.
Tuesday’s agenda also includes the release of ZEW’s German economic sentiment index at 1000 GMT, US house price data at 1300 GMT and Markit’s US manufacturing purchasing managers’ index at 1345 GMT.
In company news, IG Group gained after posting an 18% rise in third-quarter revenue and saying it was entering the fourth quarter in a strong position.
Wolseley slumped as the plumbing and heating products group stressed the resilience of its first-half performance, as it rode out mixed market conditions and sustained deflationary headwinds in the USA, UK and Europe.
Bellway advanced as it reported a 42.6% jump in pre-tax profit for the six months to the end of January.
