logo
Plus   Neg
Share
Email

FTSE 100 Subdued In Cautious Trade

U.K. stocks were moving lower on Thursday after data showed the British economy shrank by 0.1 percent in August, marking the first monthly contraction since April.

Britain's estimated GDP grew 0.3 percent in the last three months, helping ease fears of a Brexit-fueled recession in the immediate future.

Investors awaited the resumption of U.S.-China trade talks for further direction.

While prospects for progress in trade talks dimmed, media reports suggest that both sides are considering an "interim" deal that could see a tariff increase next week suspended.

The benchmark FTSE 100 was down 11 points, or 0.15 percent, at 7,155 after closing up 0.3 percent the previous day.

Burberry advanced 1.6 percent after French luxury goods maker LVMH posted higher-than-expected third quarter sales, despite the negative impact of protests in Hong Kong.

Shares of Avacta Group plunged 11 percent after the biotechnology company announced that it has entered into a collaboration and option agreement with ADC Therapeutics SA, a Swiss clinical-stage oncology-focused biotechnology company.

Packaging and paper group Mondi tumbled 3 percent after its third-quarter core earnings fell 18 percent from last year.

Investment platform Hargreaves Lansdown declined 1.8 percent after its new business was impacted by "weak investor sentiment."

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>