FTSE 100 Dips On China Concerns
(RTTNews) - U.K. stocks fell on Monday as investors weighed positive GDP data against worries that rising COVID cases in China might disrupt consumption and manufacturing.
The U.K. economy rebounded at a faster-than-expected pace in October with strong contribution from services activity, official data revealed earlier today.
Monthly real gross domestic product expanded 0.5 percent in October, reversing a fall of 0.6 percent in September, the Office for National Statistics said.
GDP was forecast to gain 0.4 percent after additional bank holiday for the State Funeral of HM Queen Elizabeth II weighed on September GDP.
Meanwhile, industrial production remained broadly flat after a growth of 0.2 percent in September. The negative increases in three of the four sub-sectors were fully offset by 0.7 percent rise in manufacturing.
The benchmark FTSE 100 was down 29 points, or 0.4 percent, at 7,449 after finishing marginally higher on Friday.
BP Plc and Shell were moving lower as oil prices extended losses, after having fallen around 11 percent last week.
London Stock Exchange jumped nearly 4 percent after Microsoft said it would buy about 4 percent stake in the U.K. bourse operator as part of a 10-year strategic partnership.
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