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FTSE 100 ends record winning streak as WPP shares crash and ECB holds rates
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FTSE 100 ends its winning streak as WPP’s crash and the ECB’s rate hold dampen investor sentiment.
The FTSE 100’s five-session winning run came to an end after shares in advertising giant WPP slid to their lowest level since 1998 following a profit warning and strategic rework announced by its new CEO. The company said recent performance was “unacceptable.” Concurrently, the European Central Bank held its key rate at 2% for the third consecutive meeting, citing the need to monitor inflation and economic resilience in the euro-zone. The confluence of weak sector-specific news and steady central-bank policy knocked sentiment across UK and European equities.