FTSE 100 Dips On Growth Concerns
2024-08-25
4742
(fxcue news) - U.K. stocks traded lower on Wednesday amid concerns about slowing U.S. and Chinese growth.
Meanwhile, the U.K. service sector activity expanded at the fastest pace in four months as the post-election upturn in business activity and new work was sustained in August along with easing inflationary pressures, final survey data from S&P Global showed.
The S&P Global Services Purchasing Managers' Index rose to 53.7 in August from 52.5 in the previous month. The flash score was 53.3.
The benchmark FTSE 100 was down 64 points, or 0.8 percent, at 8,234 after ending 0.8 percent lower on Tuesday.
Energy stocks tumbled as oil extended steep losses from Tuesday on demand concerns. BP Plc shed 0.7 percent and Shell dropped 1.1 percent.
Housebuilder Barratt Developments declined 2 percent after its profits dropped 75 percent in the year to June.
Insurer Direct Line Insurance fell 1.2 percent after reporting first-half results below expectations.
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