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Political ambiguity and increasing rates hurt UK stocks

On Thursday, concerns over a deteriorating political situation in the UK and rising interest rates throughout the world kept London’s major stock indices under pressure, with shares of homebuilders creeping closer to a recent multi-year low.


The housing index for the UK, which dropped to a level not seen in nearly a decade last week, fell 1.3% as rising interest rates stoked worries about affordability and a significant downturn in the industry.


Oil stockpiles, however, rose 1.9% as a result of a surge in crude prices following news that China is considering reducing the length of the quarantine for incoming tourists, helping to pull markets off early lows.


The midcap FTSE 250 index fell 0.3% and the blue-chip FTSE 100 index fell 0.1%.


Thursday, the day after a second top minister resigned and fighting and bickering broke out among her members in parliament, the British prime minister Liz Truss battled to maintain control of the situation.


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