Miners, banks pull FTSE 100 down as inflation concerns weigh

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The blue-chip FTSE 100 index declined 1% at 0710 GMT, with miners Rio Tinto (NYSE:RIO), Anglo American (LON:AAL) and BHP Group (NYSE:BHP) falling between 1.2% and 2.3%. [MET/L]

Industrial and precious metal miners fell about 1% each, and banks fell 1.5%.

The domestically focussed mid-cap index declined 0.8%, with capital goods stocks among the worst performers.

Payments specialist Equiniti, which is being bought by New York-based company Siris Capital, could face some job cuts once the deal is closed, the private equity firm said late on Monday. Its shares rose 0.5%.

On the macro front, UK’s labour market showed signs of further recovery as employers added a record-high 207,000 staff to their payrolls in September and separate data showed UK’s unemployment rate fell to 4.5% in the three months to August, reinforcing bets for a sooner Bank of England rate hike.