FTSE 100 Retreats On Growth Concerns
U.K. stocks slumped on Thursday amid concerns that ongoing lockdowns in top consumer China and prospects of big U.S. rate hikes could hurt global economic growth.
U.K. GDP advanced 0.8 percent sequentially in the first quarter, slower than the 1.3 percent increase in the fourth quarter and the economists' forecast of +1.0 percent, data released by the Office for National Statistics showed earlier today.
Nonetheless, monthly GDP was now 1.2 percent above its pre-coronavirus pandemic level.
The benchmark FTSE 100 slipped 173 points, or 2.4 percent, to 7,174 after closing 1.4 percent higher the previous day.
Miners led losses, with Anglo American, Antofagasta and Glencore plunging 5-7 percent.
Britain's biggest broadband and mobile operator BT added 1.6 percent after an announcement that it has finalized its much-awaited deal with U.S. media group Warner Bros Discovery to form a joint venture for its sport business.
Residential property business Grainger was up 0.6 percent after it reported strong profit and rental income growth for the first half of fiscal 2022.
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