Economic news

FTSE 100 Slips on Glum China Export Data, Lower Oil Prices

The export-heavy FTSE 100 slipped on Monday as lower oil prices and glum export data from China took the shine off the boost from a weaker pound, while NetScientific jumped on a deal to globally sell a COVID-19 test.

The FTSE 100 was down 0.1% by 0707 GMT, tracking a decline in other European indexes on caution around rising inflation and fears of a sooner-than-expected tightening in global monetary policy.

The mid-cap FTSE 250 was flat.

Mining stocks fell 1.0% as data showed China’s export growth slowed more than expected last month due to disruptions caused by COVID-19 cases at the country’s major southern ports.

Focus later in the morning will be on data on UK house prices, which are expected to have risen 1.2% in May following a 1.4% increase in April.

In company news, life sciences company NetScientific Plc surged 22% after saying one of its subsidiaries had entered an exclusive licensing agreement with AstraZeneca Plc to globally sell a COVID-19 test.

Office space provider IWG slumped 16.8% as it said underlying core earnings for the current year would be well below the crisis-hit 2020 level due to continued lockdown restrictions in some markets.

Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Subhranshu Sahu

Source: Reuters

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