FTSE 100 Drifts Lower Ahead Of US Inflation Data
(RTTNews) - U.K. stocks fell on Wednesday, with miners and financials leading losses ahead of key U.S. inflation data due later in the day.
The pound appreciated against its major rivals after data showed that the U.K. economy expanded faster than expected in May.
Data from the Office for National Statistics showed that GDP rose 0.5 percent on month in May, after a revised decline of 0.2 percent in April. Economists had expected a growth of 0.1 percent.
Separate data showed that the visible trade deficit narrowed slightly to GBP 21.45 billion from GBP 21.52 billion in April. The expected level was GBP 21.2 billion.
The benchmark FTSE 100 was down 54 points, or 0.8 percent, at 7,156 after closing up 0.2 percent on Tuesday.
Banks HSBC Holdings, Lloyds Group and Standard Chartered were down between half a percent and 1 percent on recession worries.
J D Wetherspoon shares slumped more than 8 percent after the pub chain warned it will plunge to an annual loss for the third year running.
Concurrent Technologies jumped 7.4 percent after the manufacturer of high-end embedded computer boards for critical applications said it has entered into a supply agreement with a Fortune 500 global medical technology company.
Miner and trader Glencore declined 1 percent after completing the sale of a royalty package to Sandstorm Gold Ltd.
Oil & gas exploration firm Tullow Oil fell over 1 percent despite backing its FY production outlook.
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