FTSE 100 Live: UK GDP flatlines, Big Technologies shares tumble after legal twist
Good morning from the City PM liveblog team.
UK GDP flatlined in July, latest figures from the ONS show, in another setback for the Chancellor in delivering on her pledge to grow the economy.
The FTSE 100 is fighting through the noise as it opened above 9,300 this morning, rising by 1.2 per cent in the first 15 minutes of trading.
Mining companies took the markets by storm as all of Fresnillo, Anglo American, Glencore, Antofagasta, Rio Tinto and Endeavour Mining saw big increases in trading prices.
Energy giants BP and Shell suffered from falls while Sainsbury was also among the biggest fallers.
Despite political tensions and a week of scares in east Europe and the Middle East, the FTSE 100 is enjoying its streak of growth.
“That’s despite UK GDP growth coming in a little slower than expected in the second quarter, Derren Nathan, head of equity research at Hargreaves Lansdown, said.
Here’s a summary of our other top stories from yesterday:
- CVC Capital Partners launch $14bn Global Sport Group
- Cadbury shakes off royal snub as sales surge
- US inflation jumps to 2.9 per cent, setting up key rate decision
- THG: Shares spike as e-commerce giant gains momentum after slow start to the year
- Brits shy away from buying houses as uncertainty over property tax increases