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FTSE 100 Slips After Weak GDP Data
(RTTNews) - U.K. stocks were slightly lower on Wednesday after data showed the economy shrank at the fastest pace in seven months.
Real gross domestic product fell 0.5 percent in July, offsetting June's 0.5 percent increase, the Office for National Statistics reported. The latest figure was worse than economists' forecast of 0.2 percent decline.
The main contributor to the fall in GDP was a 0.5 percent drop in services output, which had increased 0.2 percent in June.
ING Economist James Smith said the economy is likely to be more or less flatline over coming quarters - and a mild recession cannot be ruled out.
Smith expects one more rate hike at next week's meeting, before a pause in November. The benchmark FTSE 100 was down 0.2 percent at 7,514 after rising 0.4 percent on Tuesday.
Aviva rallied 2 percent after the insurer said it is exiting its Singlife joint venture, selling its 25.9 percent stake in Singapore Life Holdings and two debt instruments pounds to Sumitomo Life for a combined 800 million pounds ($996.96 million).
BP Plc fell about 1 percent after CEO Bernard Looney resigned effective immediately over personal relationships with colleagues.
Hunting jumped 3.7 percent. The engineering company confirmed its outlook for fiscal 2023 and 2024, and set targets till the year 2030, expecting growth.
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