London stocks fell nearly 1% on Friday, tracking losses in Asian markets after robust US economic data spurred worries of interest rates staying high for longer, while National Grid kept losses in check.
By 7:14 GMT, the blue-chip FTSE 100 index dipped 0.9%, poised for a fourth consecutive session in the red, its longest losing streak in more than three months.
The index was set to log a second consecutive week of declines.
The mid-cap FTSE 250 dropped 0.4%, also on track for a fourth straight day of losses. Robust economic data from the US showed business activity in May accelerated to the highest level in over two years.
London stocks fall as political uncertainty, soft economic data weigh
Investors indulged in profit-booking following a near 8% climb in London stocks over the past five weeks.
Among stocks, AJ Bell fell 4.5% after the investment platform’s founder sold 7.5 million shares in the company. National Grid jumped 7.7% after a nearly 11% drop on Thursday.
Intertek Group was up 3% after the product testing firm reconfirmed its forecast for 2024.
British retail sales volumes slid 2.3% in April, compared with a Reuters poll of a 0.4% drop, as wet weather kept shoppers away from clothing retailers and sports stores.
Comments