UK stocks open lower as miners drag, July retail sales fall more than expected

18 Aug, 2023

UK stocks opened lower on Friday, led by miners on worries over weak China demand outlook, while data showed domestic retail sales fell more than expected in July.

The exporter-heavy FTSE 100 fell 0.4% in early trade, while the pound declined 0.15% to $1.2728 right after the data.

The mid-cap FTSE 250 was down 0.4%.

British retail sales volumes last month were 1.2% lower than in June, as heavy rain put off shoppers, while economists polled by Reuters had forecast a decline of 0.5%.

On an annual basis, retail sales were 3.2% lower than a year earlier, compared with economists’ forecasts for a 2.1% decline.

Industrial metal miners fell 1.0%, leading sectoral declines.

Embattled developer China Evergrande Group has filed for bankruptcy protection in a US court, as anxiety grows over China’s worsening property crisis and a weakening economy.

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