The FTSE 100 fell on Monday following a disappointing set of economic data from China.
Chinese GDP growth fell to 4.9% year-on-year in the third quarter whilst Industrial Production fell to 3.1%, well below the 4.5% estimated by analysts.
“The FTSE 100 dipped on Monday, losing some of its recent momentum as China’s GDP figures for the third quarter disappointed,” says AJ Bell investment director Russ Mould.
Mould also highlighted the factors driving the weaker economy in China in supply chain problems and power issues similar to those be experienced in many other economies around the world.
“The problems facing the Chinese economy are familiar ones of supply chain issues and power shortages,” said Mould.
Miners managed to surprisingly shrug off the poor Chinese data and the top FTSE 100 faller was International Consolidated Airlines, down 3.5%, as investor continued to fret over the strength of post-pandemic travel.
Despite the FTSE 100 giving up ground on Monday, the declines in London were not as damaging as those observed in Europe.
The German DAX and French CAC were both down over 0.5%.