May 9 (Reuters) – London’s FTSE 100 was flat on Tuesday morning, with UK markets reopening after a long weekend, and as investors waited for the April U.S. consumer price inflation report due later in the week before placing big bets.
By 0715 GMT, the blue-chip FTSE 100 was subdued.
International Consolidated Airlines Group S.A. gained 1.7% after Peel Hunt raised the British Airways owner’s rating to “buy” from “hold”.
Britain’s biggest sportswear retailer JD Sports Fashion said it has proposed to acquire France-based sportswear retailer Courir for an enterprise value of 520 million euros (USD 572.4 million). Its shares gained 2.9%.
Weighing on the commodity-heavy FTSE 100 index, energy stocks dipped 0.5% as oil prices relinquished some of the strong gains of the previous two sessions ahead of US inflation figures for further cues on Fed’s rate hike path.
US April consumer price inflation is expected to rise 0.4%, and is due on Wednesday.
The more domestically-focussed FTSE 250 midcap index fell 0.1% as Direct Line Insurance Group lost 7.0% after the motor insurer said 2023 earnings outlook continues to be challenging.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Nivedita Bhattacharjee)