Economic news

UK Stocks Fall, Subdued China Trade Data Weighs on Sentiment

  • FTSE 100 down 0.9%, FTSE 250 off 0.4%

Sept 7 (Reuters) - UK's FTSE 100 tumbled on Wednesday, dragged lower by commodity stocks after weaker trade data from China spurred fears about global demand, while strong U.S. data hinted the Federal Reserve would likely stay on its aggressive interest rate hike path.

The benchmark FTSE 100 fell 0.9%, while the mid-cap FTSE 250 declined 0.4% as at 07:08 GMT.

The pan-European STOXX 600 slid 0.8% as disappointing Chinese data triggered a global selloff, while MSCI's broadest index of Asia-Pacific shares outside Japan slid to its lowest since mid-2020 and was last down 1.2%.

Oil majors BP and Shell dropped 1.4% and 1.3%, respectively, as crude prices tumbled on COVID-19 curbs in top importer China and expectations of more interest rate hikes.

Mining stocks fell 1.8% as the U.S. dollar strengthened further amid worries about a recession in major economies.

Unilever Plc slipped 0.5% after Ben & Jerry's said it plans to amend its lawsuit by Sept. 27, challenging the sale of its ice cream business in Israel by its parent company. 

Reporting by Johann M Cherian and Bansari Mayur Kamdar in Bengaluru; Editing by Rashmi Aich

Source: Reuters

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