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FTSE 100 Gives Up Early Gains As Economy Shrinks In Third Quarter
(RTTNews) - U.K. stocks gave up early gains to turn flat on Friday after official data showed the U.K. economy contracted for the first time since early 2021 in the third quarter.
Gross domestic product shrank 0.2 percent sequentially, offsetting the 0.2 percent gain in the second quarter - according to the first estimate from the Office for National Statistics. However, the pace of decline was slower than economists' forecast of -0.5 percent.
The benchmark FTSE 100 was marginally lower at 7.371 after closing 1.1 percent higher the previous day.
Miners Anglo American and Antofagasta surged 4-5 percent on news of China easing its stringent COVID rules.
Safety equipment company Halma gained about 1 percent after naming Steve Gunning as its new CFO.
Drug maker AstraZeneca fell 2.5 percent after saying it is longer pursuing U.S. approval of its COVID-19 vaccine.
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