British equities slipped in early trading on Friday following a dour GDP reading, though they were set for weekly gains, while investors braced for the latest US inflation data due later in the day.
By 0806 GMT, the blue-chip FTSE 100 fell 0.2% and FTSE 250 midcap index edged down 0.1%. Life insurers were amongst top decliners, falling 0.8%, while retailers lost 1.4%.
The FTSE 100 is eyeing a fourth straight weekly gain, while the FTSE 250 is set to rise for a third consecutive week as global markets rallied on the Federal Reserve’s dovish pivot, while a surprise drop in domestic inflation boosted UK equities.
FTSE 100 touches near 7-month high
Markets in the UK will end proceedings at 1230 GMT on account of a half-day Christmas holiday. The November US Personal Consumption Expenditure (PCE) index, the Fed’s preferred inflation gauge due later in the day, would be on investors’ radar.
Meanwhile, Britain’s economy might now be in a recession according to data which showed output shrank in the July-to-September period.
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