Markets

FTSE 100 Dips On Rate Hike Worries

(RTTNews) - U.K. stocks were a tad lower on Wednesday amid bets that the Bank of England will begin raising interest rates as data showed Britain's economy returned to growth in August after contracting for the first time in six months in July.

Gross domestic product grew 0.4 percent month-on-month in August, but slightly slower than the economists' forecast of 0.5 percent.

GDP growth for July has been revised from 0.1 percent growth to a 0.1 percent fall, mainly because of downwardly revised data for the manufacture of motor vehicles, oil and gas, and improvements to how health output is measured.

The benchmark FTSE 100 dropped 13 points, or 0.2 percent, to 7,117 after ending 0.2 percent lower in the previous session.

NatWest Group was little changed as it announced a new target to provide 100 billion pounds of Climate and Sustainable Funding and Financing (CSFF) by the end of 2025.

Man Group shares jumped 7 percent. The active management business reported a further increase in funds under management in the third quarter, driven by very strong net inflows and solid investment performance.

Barratt Developments gained nearly 6 percent. While issuing a trading update for the period from 1 July to 10 October 2021, the housebuilder said the positive start to the new fiscal year has continued in recent weeks with private reservations remaining strong. The Group remains on track to deliver both its fiscal 2022 and medium term targets.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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