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FTSE 100 slides on weak China data Pound boosted by strong jobs data
(about 4 hours later)
UK shares opened lower, with weak inflation data out of China renewing concerns about the strength of the world's second largest economy. The pound strengthened against other currencies following the release of strong UK jobs figures.
Chinese consumer inflation slowed to 1.6% in September, and the figure comes a day after trade figures showed a sharp drop in China's imports. The unemployment rate and total both fell to seven-month lows, official figures showed, while the employment rate hit a record high.
The benchmark FTSE 100 index fell 67.78 points to 6,274.50. There were some signs wage growth had eased, but sterling rose more than a cent against the dollar to $1.5369 and rose 0.5% against the euro to €1.3472.
Mining companies saw the biggest falls, with Glencore down 3.2% and Anglo American dropping 2.4%. The benchmark FTSE 100 index was down 41.80 points at 6,300.48.
Hargreaves Lansdown shares rose 6.4% after the fund supermarket said it had seen record inflows of new business. Shares in housebuilders came under pressure, with Taylor Wimpey down 2.7% and Barratt Developments down 2.4%.
Mining shares reversed earlier losses, which had been triggered by concerns over the strength of China's economy following the release of weaker-than-expected inflation data.
After falling more than 3% in early trade, shares in Glencore were up 1.9% shortly after midday.
Hargreaves Lansdown shares rose 4.2% after the fund supermarket said it had recorded record inflows of new business.
The firm said new business inflows during the three months to the end of September jumped 47% from a year ago to £1.43bn. However, the total level of assets under its management fell by £500m to £54.7bn.The firm said new business inflows during the three months to the end of September jumped 47% from a year ago to £1.43bn. However, the total level of assets under its management fell by £500m to £54.7bn.
In the FTSE 250, shares in Domino's Pizza jumped 12% after it reported strong quarterly sales and said its full-year results were set to be above expectations. In the FTSE 250, shares in Domino's Pizza jumped 13% after it reported strong quarterly sales and said its full-year results were set to be above expectations.
On the currency markets, the pound rose 0.4% against the dollar to $1.5307, and edged up 0.1% against the euro to €1.3416.