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London Markets: FTSE 100 retreats from record-setting rally as ‘Trump trade’ fades

U.K. stocks sold off Wednesday, with the “Trump trade” that’s been driving a global stock rally seeming to fade as investors turned more pessimistic about the chances of the new U.S. president driving through planned reforms.

Investors were also continuing to reassess the outlook for U.K. monetary policy, especially the path of interest rates, after a faster-than-expected increase in British inflation.

The FTSE 100 UKX, -0.83% slumped 0.9% to 7,314.89, trading around its lowest since March 9. No sector was higher, and the basic materials, financial and industrial groups led losses.

The London index on Tuesday dropped 0.7%, retreating from a record closing high achieved Monday.

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