FTSE 100 Slides As Commodity Shares Drag
(RTTNews) - U.K. stocks traded lower on Friday, as commodity prices fell against a firmer dollar. The benchmark FTSE 100 was down 70 points, or 0.9 percent, at 7,548 despite stronger-than-expected GDP data.
The British pound rose, and interest-rate hike concerns returned to the fore after official data showed the U.K. economy logged a surprise growth in the second quarter.
GDP grew 0.2 percent sequentially in the second quarter, following a 0.1 percent rise in the previous quarter, the Office for National Statistics reported. Economists were looking for stagnation in the second quarter.
However, the level of quarterly GDP was 0.2 percent below its pre-coronavirus level in the fourth quarter of 2019.
On a yearly basis, GDP rose 0.4 percent in the second quarter, which was bigger than economists' forecast of 0.2 percent.
Miners Anglo American, Antofagasta and Glencore all fell around 2 percent, tracking lower base metal prices after a profit warning from China's biggest property developer deepened concerns about the health of the property sector.
Oil & gas giant BP Plc dropped 1.8 percent and Shell gave up 1.4 percent as crude extended overnight losses on China demand concerns.
Murray International Trust shares fell 1.3 percent. The investment company Thursday reported return before taxation of 38.66 million pounds for the first half, lower than 62.66 million pounds in the same period last year, primarily due to loss on investments.
Unilever fell about 1 percent after announcing a voluntary recall of select Knorr Sopa Soup Mix products.
Indian Shares Rally On Fed Rate Cut Hopes
European Shares Edge Higher Before UK Budget
Asian Shares Extend Gains On Fed Rate Cut Optimism
Commodity Currencies Rise Amid Risk-on Mood
Yen Slides Against Most Majors
U.S. Dollar Falls Against Majors
Canadian Dollar Climbs Against Most Majors
