Miners weigh (Il Sole 24 Ore Radiocor) - London, 07 Jun - UK shares closed lower after data from the US showed that the labor market in the world's largest economy is proving to be more resilient than initially thought, dashing hopes that the Federal Reserve would cut interest rates soon.

The US labor market added 272,000 nonfarm payroll jobs in May, far higher than the 182,000 expected by economists.

Yesterday, the European Central Bank had cut rates for the first time since 2019 and, despite persistently high inflation, said that it was convinced inflation was on a downward path in the medium-term.

On the data front, UK house prices fell 0.1% month on month in May, according to the bank Halifax. But year on year, property prices grew 1.5% annually against a 1.1% rise the previous month.

Miners were mostly lower.

Fresnillo lost 5.73% at 559.00 pence and Antofagasta dropped 3.12% at 2,145.00 pence.

The London FTSE 100 closed down 0.48% at 8,245.37 points.

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(RADIOCOR) 07-06-24 18:18:02 (0545) 5 NNNN