Markets

FTSE 100 Slides On China Data

(RTTNews) - U.K. stocks declined on Tuesday as investors digested weak producer price inflation data from China and a mixed jobs report on the domestic front.

China's consumer prices climbed at a steady pace in August, while producer prices declined further on weak demand, signaling deflationary pressures.

Closer home, the U.K. unemployment rate remained at the lowest since late 1974, the Office for National Statistics reported.

In three months to July, the ILO jobless rate remained unchanged sequentially, at 3.8 percent, but slightly below the expected 3.9 percent.

The employment rate came in at 76.1 percent in three months to July, the joint-highest on record.

The benchmark FTSE 100 was down 23 points, or 0.32 percent, at 7,212 after closing 0.6 percent lower in the previous session.

IAG Group shares jumped 4 percent despite the near grounding of the British Airways (BA) due to the strike by its unionized pilots over pay issues.

Bovis Homes tumbled 3.6 percent as it revived talks to buy Galliford Try's housing businesses.

Ashtead Group dropped 1.8 percent despite the company allaying investor worries about slowing U.S. growth hitting its construction rental business.

JD Sports Fashion soared 6 percent after logging higher profits and revenues in the 26 weeks ended 3 August 2019.

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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