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FTSE 100 Declines On Growth Concerns
(RTTNews) - U.K. stocks traded lower on Wednesday as worries about higher interest rates and an impending recession offset encouraging earnings updates from the likes of Standard Chartered and GSK.
The benchmark FTSE 100 was down 24 points, or 0.3 percent, at 7,867 after declining 0.3 percent on Tuesday amid concerns of an impending recession in the United States.
Standard Chartered rose half a percent after reporting a 21 percent rise in pre-tax profit, ahead of expectations.
GSK dropped 1 percent despite posting better-than-expected first-quarter revenue and profit.
Housebuilder Persimmon jumped 5.3 percent after saying trading over recent weeks has offered some signs of encouragement.
Materials company CRH tumbled 3.8 percent after a warning that it expects a more challenging backdrop in Europe, driven by continued inflationary pressures and some slowdown in the new-build residential sector.
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