FTSE 100 live: London index under pressure despite easing of UK recession woes
The FTSE100 index was trading slightly lower, down 0.24 per cent, this morning despite the UK narrowingly avoiding recession.
London’s premier index had fallen to 7,892.06 points – down from yesterday’s close – while the domestically-focused mid-cap FTSE 250 index was off 0.55 per cent.
Standard Chartered’s shares fell nearly five per cent in early trading after UAE banking giant First Abu Dhabi Bank said it was not considering an offer.
ASOS’ shares were down 2.82 per cent, as the online retailer continues to struggle to go back to its pandemic-induced profitability.
The company announced this morning it had appointed Sean Glithero as interim CFO following the departure of current finance boss Katy Mecklenburgh.
“Since the post-covid economic reopening, the online fashion business has struggled with sales slumping over the four-month Christmas period, weighed down by tough competition, delivery issues in the UK and a softening consumer with the cost-of-living crisis,” said Interactive Investor’s head of investment, Victoria Scholar.
Trading this morning came following UK has narrowly avoided a recession in the final months of last year with the economy nevertheless shrinking over Christmas.
Official figures out today showed that Britain’s gross domestic product remained unchanged in the last three months of 2022, meaning that the country has swerved from the technical definition of recession.