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European markets slump as UK economic growth falls short of forecasts
Yahoo Finance UK
European markets slump as UK economic growth falls short of forecasts
LaToya Harding · Writer
Wed, October 13, 2021, 3:59 AM
European stock markets continued their downward trend on Wednesday, after a fall in the previous session, as UK economic growth missed expectations.
In London, the FTSE 100 (^FTSE) fell 0.4% after opening, dragged lower by pharmaceuticals, consumer goods and miners. France's CAC (^FCHI) also tumbled 0.4% and the DAX (^GDAXI) was 0.1% lower in Germany.
It came as new figures from the Office for National Statistics (ONS) showed that the UK economy grew by 0.4% in August, less than the 0.5% pencilled in by economists despite the easing of COVID restrictions.
The ONS also issued a series of revisions showing an unexpected drop in output in July. The figures mean the British economy is now 0.8% smaller than its pre-pandemic level in February 2020.
The services sector grew just 0.3% during the month, while output in consumer-facing services increased by 1.2%. All other services rose by 0.1%.
Read more: UK economy picks up in August following drop, but uncertainty looms
{snip}
European markets slump as UK economic growth falls short of forecasts
LaToya Harding · Writer
Wed, October 13, 2021, 3:59 AM
European stock markets continued their downward trend on Wednesday, after a fall in the previous session, as UK economic growth missed expectations.
In London, the FTSE 100 (^FTSE) fell 0.4% after opening, dragged lower by pharmaceuticals, consumer goods and miners. France's CAC (^FCHI) also tumbled 0.4% and the DAX (^GDAXI) was 0.1% lower in Germany.
It came as new figures from the Office for National Statistics (ONS) showed that the UK economy grew by 0.4% in August, less than the 0.5% pencilled in by economists despite the easing of COVID restrictions.
The ONS also issued a series of revisions showing an unexpected drop in output in July. The figures mean the British economy is now 0.8% smaller than its pre-pandemic level in February 2020.
The services sector grew just 0.3% during the month, while output in consumer-facing services increased by 1.2%. All other services rose by 0.1%.
Read more: UK economy picks up in August following drop, but uncertainty looms
{snip}
