UK and European markets were lower as regional sentiment soured further after a shaky start to the week, with investors responding to a slowdown in China’s stimulus rally.
The dollar held steady near seven-week highs as investors assessed the outlook for further U.S. rate cuts, with concerns about the conflict in the Middle East and China’s economy lending support.
Oil prices edged lower as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war.
Gold prices fell as recent U.S. employment data priced out the chances of a bigger rate cut, while markets awaited minutes of the Federal Reserve’s latest policy meeting for fresh signals.
Vistry shares were in freefall on Tuesday as the housebuilder warned on profits after underestimating build costs on nine schemes in its Southern Division.
Vistry said it had recently become aware that within the South Division - which is one of six - the total full-life cost projections to complete nine out of its 46 developments, including some large-scale schemes, have been understated by around 10% of the total build costs.
The company believes the issues are confined to the South Division and that changes to the management team there are underway. "We are commencing an independent review to fully ascertain the causes," it said.
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