U.K. stock-market index turns negative for the year. 'Buy humiliation,' strategist advises.

Once up as much as 8%, the main U.K. stock-market index turned negative for the year on Friday, just a day after the Bank of England made a surprise half-point rate hike that some say will drag the economy into a recession.

Investors... Once up as much as 8%, the main U.K. stock-market index turned negative for the year on Friday, just a day after the Bank of England made a surprise half-point rate hike that some say will drag the economy into a recession. Investors have been spooked by data this week showing that inflation remained at 8.7% year-over-year in May, which was followed on Thursday by the Bank of England raising interest rates by a half point, to 5%. Economists now say the central bank will hike rates by another half point in August, and another quarter point hike in September.

Economists at Goldman Sachs pointed out it wasn’t just the inflation data that worried the Bank of England, but also labor market data, including gains in employment and rising wages.

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Bank of England hikes rates for 13th time as inflation stays high | CNN BusinessThe Bank of England raised interest rates by a half a percentage point, after data this week revealed surprisingly stubborn inflation. It's the 13th consecutive hike.
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