British shares opened lower on Wednesday as mining stocks retreated on lower metal prices, while other China-exposed stocks fell as subdued data sparked concerns of slowing demand in the world’s second largest economy.
By 0706 GMT, the blue-chip FTSE 100 lost 0.5%, while the more domestically-focussed FTSE 250 midcap index fell 0.4%.
Industrial metal miners slipped 1.3% as most base metal prices weakened, as a firm dollar and weak economic data globally weighed on the demand outlook for the sector.
UK’s FTSE 100 muted as energy gains balance losses in homebuilders
A private-sector survey showed China’s services activity expanded at the slowest pace in five months in June.
China-exposed bank HSBC lost 0.8%, while insurer Prudential fell 1.7%.
Insurer Legal & General Group said its adoption of global accounting standard IFRS 17 would not alter its strategy, solvency or dividend plans, and it remained on track to achieve its 5-year ambitions. Its shares were down 2.2%.
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