U.K. Market Ends Modestly Lower
(RTTNews) - European markets were mostly closed on Wednesday for Labor Day holiday. Markets in the U.K. and Denmark, which were open for trading, ended the session on a weak note.
The U.K.'s FTSE 100 index ended down by 22.89 points or 0.28% at 8,121.24.
In the UK market, JD Sports Fashion, Ashtead Group, Ocado Group, Haleon, Howden Joinery, Whitbread and BP lost 2 to 3%.
Antofagasta, Melrose Industries, Convatec Group, Shell, M&G, Rolls-Royce Holdings, Frasers Group and Scottish Mortgage also ended notably lower.
GSK, Unite Group, DCC, Severn Trent, Tesco, BT Group and Smith (DS) gained 1 to 2%.
On the economic front, the UK manufacturing activity slid into contraction at the start of the second quarter as improvement in output and new orders were short-lived amid uncertain market conditions, client destocking and supply chain disruptions.
The S&P Global final manufacturing Purchasing Managers' Index fell to 49.1 in April from a 20-month high of 50.3 in March, survey results showed. The score was above the flash estimate of 48.7.
Four out of the five components of the PMI contracted in April. Only supplier delivery times bucked the negative trend.
Data released by the Nationwide Building Society revealed that UK house prices declined unexpectedly in April, reflecting affordability pressures amid rising longer term interest rates.
House prices posted a monthly decline of 0.4% after easing 0.2% in March. Prices were expected to climb 0.1%.
On a yearly basis, house price growth eased more-than-expected to 0.6% from 1.6% in March. Prices were forecast to rise 1.2%.
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