London open: Stocks little changed after China data
Sharecast
Published Jul 10, 2023 09:46
London open: Stocks little changed after China data
Sharecast - At 0900 BST, the FTSE 100 was up just 0.1% at 7,261.21.
Figures released earlier by the National Bureau of Statistics showed that producer prices in China slumped again in June.
Producer price inflation fell 5.4% year-on-year in June, from 4.6% a month earlier and versus expectations of a 5% drop. This marked the worse decline since December 2015.
Meanwhile, the consumer price index slowed to 0% in June year-on-year from 0.2% in May, coming in below consensus expectations for it to be unchanged. This marked the lowest reading since February 2021.
Susannah Streeter, head of money and markets at Hargreaves Lansdown (LON:HRGV), said: "The continued loss of power in the Chinese economy is concerning investors, with consumer prices flatlining. The downbeat data comes ahead of the key inflation snapshot in the United States on Wednesday, which could determine how long the monetary squeeze will continue.
"While inflation shows signs of stubbornness in other economies, disinflationary forces are at work in China, which risk tipping the world’s second largest economy into a deflation scenario. There will be some hope that lower Chinese prices will boost exports, but this has not been evident."
In equity markets, heavily-weighted miners were in the red, with Rio Tinto (LON:RIO), Anglo American (LON:AAL) and Antofagasta (LON:ANTO) all lower.
BT Group (LON:BT) nudged lower as it announced that chief executive Philip Jansen had decided to step down from his position in the next 12 months, after spending four-and-a-half years in the role.
It said that in light of Jansen's forthcoming departure, its nominations committee had initiated a formal succession process to identify a suitable candidate for the role of chief executive.
The news came amid reports the FTSE 100 telecoms company was in the sights of its major shareholder Deutsche Telekom (ETR:DTEGn) for a possible takeover.
Online supermarket Ocado (LON:OCDO) fell after Barclays (LON:BARC) cut its price target on the shares to 640p from 740p.
On the upside, media group Future rallied after it announced a proposed share buyback of up to £45m.
Get The App
Market Movers
FTSE 100 (UKX) 7,261.21 0.06%
FTSE 250 (MCX) 18,013.28 0.05%
techMARK (TASX) 4,292.78 0.08%
FTSE 100 - Risers
United Utilities Group (UU.) 948.80p 1.85%
Severn Trent (LON:SVT) 2,435.00p 1.71%
Flutter Entertainment (CDI) (FLTR) 14,815.00p 0.89%
Shell (LON:RDSa) (SHEL) 2,300.50p 0.79%
DCC (CDI) (LON:DCC) 4,234.00p 0.74%
Smith & Nephew (SN.) 1,172.00p 0.73%
Croda International (CRDA) 5,602.00p 0.72%
Convatec Group (CTEC (LON:CTEC)) 200.60p 0.65%
BP (LON:BP.) 456.45p 0.64%
British American Tobacco (LON:BATS) 2,589.50p 0.60%
FTSE 100 - Fallers
Ocado Group (OCDO) 578.80p -2.23%
Rio Tinto (RIO) 4,844.50p -1.43%
Fresnillo (LON:FRES) 597.60p -1.39%
BT Group (BT.A) 120.80p -1.19%
Rightmove (RMV) 515.40p -1.00%
Anglo American (AAL) 2,181.50p -0.89%
Antofagasta (ANTO) 1,403.50p -0.85%
Prudential (LON:PRU) 1,030.50p -0.82%
Burberry Group (LON:BRBY) 2,017.00p -0.79%
Rolls-Royce Holdings (LON:RR.) 147.35p -0.77%
FTSE 250 - Risers
Future (FUTR (LON:FUTR)) 745.50p 7.58%
OSB Group (OSB) 345.20p 3.04%
Plus500 (LON:PLUSP) Ltd (DI) (PLUS) 1,510.00p 2.72%
Pennon Group (LON:PNN) 695.00p 2.36%
Balanced Commercial Property Trust Limited (BCPT) 66.60p 1.68%
UK Commercial Property Reit Limited (UKCM) 49.75p 1.53%
Tritax Big Box Reit (BBOX) 127.30p 1.52%
Petershill Partners (PHLL) 162.40p 1.50%
Urban Logistics Reit (SHED) 110.80p 1.47%
The Renewables Infrastructure Group Limited (TRIG) 115.60p 1.40%
FTSE 250 - Fallers
Hammerson (HMSO) 23.78p -3.41%
Coats Group (LON:COA) 66.00p -2.37%
Energean (ENOG) 981.50p -2.24%
RHI Magnesita N.V. (DI) (RHIM) 2,634.00p -1.86%
Currys (CURY) 48.54p -1.78%
Temple Bar Inv Trust (TMPL) 212.00p -1.62%
Allianz (ETR:ALVG) Technology Trust (ATT) 253.50p -1.55%
Jupiter Fund Management (JUP) 98.85p -1.45%
Empiric Student Property (ESP) 84.00p -1.41%
Carnival (NYSE:CCL) 1,333.00p -1.30%
Read more on Sharecast.com
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.