UK’s FTSE 100 falls at open as mining stocks slip on weak Chinese economic data
UK’s FTSE 100 slipped at the open on Monday, with mining stocks leading declines on lower metal prices after data showed weak growth in world’s second-largest economy China.
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)
This article originally appeared on reuters.com