UK’s FTSE 100 falls at open as mining stocks slip on weak Chinese economic data

By 0705 GMT, the blue-chip FTSE 100 lost 0.3%, while the more domestically-focussed FTSE 250 midcap index fell 0.4%.

China’s economy grew at a frail pace in the second quarter, with the post-COVID momentum faltering rapidly and raising pressure on policymakers to deliver more stimulus to shore up activity.

Industrial metal miners dipped 1.8% as prices of most base metals came under pressure.

Global miners Rio Tinto and Glencore lost 1.6% and 1.8%, respectively.

Heavyweight energy stocks also fell 0.8% on lower oil prices.

Meanwhile, Gresham House soared 56.6% after US-based investment firm Searchlight Capital Partners said it will buy the alternative asset manager for 469.8 million pounds (USD 614.9 million).

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Varun H K)