UK stocks open lower as mining, China-focused stocks slide
China-exposed bank HSBC lost 0.8%, while insurer Prudential lost 1.7%. Insurer Legal & General Group said the adoption of global accounting standard IFRS 17 would not change its strategy, solvency or dividend plans, and it remained on track to achieve its five-year ambitions.
Reuters| London | United Kingdom
Updated: 05/07/2023 12:49 PM IST | Created: 05-07-2023 12:47 IST
UK stocks opened lower on Wednesday as mining stocks pulled back on lower metal prices, while other China-exposed stocks fell as weak data led to a decline in demand in the world’s second-largest economy.
At 0706 GMT, the blue-chip FTSE 100 was down 0.5%, while the more domestically focused mid-cap index FTSE 250 was down 0.4%. Industrial metal mining fell 1.3% as most base metal prices weakened as a strong dollar and weak global economic data weighed on demand prospects for the sector.
A private sector survey showed that Chinese services activity grew at its slowest pace in five months in June. China-exposed bank HSBC lost 0.8%, while insurer Prudential lost 1.7%.
Insurer Legal & General Group said the adoption of global accounting standard IFRS 17 would not change its strategy, solvency or dividend plans, and it remained on track to achieve its five-year ambitions. The share fell by 2.2%.
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
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