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FTSE 100 Marginally Lower After Inflation Data
(RTTNews) - U.K. stocks were marginally lower on Wednesday as investors reacted to lackluster economic data from China and a higher-than-expected U.K. core inflation print.
Data showed earlier today that China's house prices continued to decline in July, in a further sign of the property slowdown.
Closer home, U.K. consumer prices rose at the slowest pace in nearly one-and-a-half years in July reflecting lower energy prices, the Office for National Statistics said.
Consumer price inflation slowed to 6.8 percent in July, as expected, from 7.9 percent in June. This was the weakest since March 2022, when inflation was 6.2 percent.
However, core inflation remained at a high of 6.9 percent, underscoring rate hike predictions.
The benchmark FTSE 100 was marginally lower at 7,384 after plunging 1.6 percent on Tuesday.
Miners fell on China growth worries, with Antofagasta down 1.4 percent and Rio Tinto falling half a percent.
Insurer Admiral Group soared 5.2 percent after posting a marginal rise in its first-half pre-tax profit.
Likewise, Aviva rallied nearly 3 percent after reporting strong first half results with profitable growth momentum across the group.
Essentra, a supplier of plastic and fiber products, fell about 1 percent after half-year revenue declined 5.5 percent year-on-year.
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