FTSE 100 Subdued As Economic Recovery Slows

U.K. stocks were moving lower on Wednesday after revised data showed the U.K. economy expanded less than estimated in the third quarter.

Gross domestic product grew 1.1 percent sequentially, instead of 1.3 percent estimated previously. This follows a revised increase of 5.4 percent in the second quarter.

The level of GDP was 1.5 percent below where it was pre-coronavirus at the fourth quarter of 2019, revised down from the prior estimate of 2.1 percent.

Annual GDP decreased 9.4 percent in 2020, revised from the first quarterly estimate of negative 9.7 percent.

Another report from the ONS showed that the current account deficit widened to GBP 24.4 billion, or 4.2 percent of GDP in the third quarter.

The benchmark FTSE 100 slid 13 points, or 0.2 percent, to 7,285 after rising 1.4 percent on Tuesday.

Miners were flat to slightly lower as iron ore futures declined on possible Covid-19 curbs in China.

NewRiver REIT, a real estate investment trust, gained 0.6 percent. The company said it has exchanged contracts for the disposal of its Regeneration Shopping Centre in Cowley, Oxford to Redevco B.V., a real estate investment manager and developer, for gross proceeds of 38.8 million pounds.

This website uses cookies and asks your personal data to enhance your browsing experience.