FTSE 100 Declines As Growth Worries Mount

(RTTNews) - U.K. stocks fell on Tuesday amid growth worries after a survey showed persistently high inflation has started to dent discretionary spending and negatively influence demand projections across the board.

The composite S&P Global/CIPS Purchasing Managers Index - spanning services and manufacturing firms - edged up to 53.7 from a preliminary June reading of 53.1.

At the same time, new order growth in the sector was the weakest since early 2021 when Britain was under a coronavirus lockdown.

Signs of a flare-up in COVID-19 cases in China also added to global growth worries. The benchmark FTSE 100 fell 99 points, or 1.4 percent, to 7,134 after climbing 0.9 percent in the previous session.

Drug maker AstraZeneca was moving lower after it announced an agreement to acquire oncology firm TeneoTwo in a deal worth up to $1.27 billion.

Supermarket chain J Sainsbury rallied 1.2 percent after confirming its full-year outlook.

B&M European Value Retail S.A. declined 1.5 percent. The convenience retailer has appointed Mike Schmidt as its next chief financial officer.