Following the rollercoaster ride of last week, the markets got off to a more subdued start on Monday.
“Contributing to the quiet open was the overnight figures out of China, numbers that are indicative of a slowing recovery in the country,” said Connor Campbell, financial analyst at Spreadex.
Fixed asset investment fell from 25.6% to 19.9% month-on-month, while industrial production dropped from 14.1% to 9.8%. Retail sales almost halved, from 34.2% to 17.7%, far worse than the 25.0% forecast.
This news helped nudge the FTSE 100 into the red, but not by enough to threaten its status above 7,000. At least for now. Instead, the UK index dipped by 0.3%, leaving it at 7,030.
“Sterling eked out a 0.1% increase against both the dollar and the euro, sitting at $1.4107 and €1.162 respectively,” said Campbell.
Things were just as flat in the Eurozone, where the CAC started the week unchanged, and the DAX at most moved 0.1% higher.
FTSE 100 Top Movers
Leading up the FTSE 100 early on Monday morning is B&M European Value Retail (2.39%), BT Group (2.29%) and Sainsbury (1.66%).
Rolls-Royce (-2.66%), Ocado (-2.45%) and Antofagasta (-2%) are the day’s biggest fallers so far.