Ramla SoniUK blue-chip shares fell this morning as disappointing data from China added to fears of a global recession, Reuters reported.
The FTSE 100 index dipped 0.2%, having suffered its worst day this month, while the midcap index was down 0.1%.
Most Asian stocks fell due to a 0.8% shrinkage in Chinese factory prices, the sharpest decline in three years due to the U.S. trade war. Reports of a potential German stimulus plan pushed global bond priceas down.
Meanwhile the pound was seen close to a six-week high after parliament passed a bill blocking a no-deal Brexit. The strength of sterling has lowered the value of U.S. company’s earnings, particularly hitting British American Tobacco (BATS.L) and Diageo (DGE.L).
Oil giants Shell (RDSA) and BP also advanced as crude prices were dependant on the hope that OPEC and other oil producing countries will agree to extend output cuts and prop up prices.
Barclays also rose 3.3%, the lender said it would set aside between £1.2 billion and £1.6 billion of additional funds to settle the mis-selling of payment protection insurance (PPI), as Britain’s costliest consumer banking scandal rumbles on.
