FTSE 100 lower after weak Chinese data

The FTSE 100 lost some of the momentum it enjoyed off the back of the US debt ceiling deal and jobs numbers, not helped by weak economic data out of China.

AJ Bell investment director Russ Mould said: “It feels like the Chinese post-Covid recovery is falling a bit flat and this has negative implications for global growth. Housebuilders were under pressure after Halifax data showed the first annual fall in house prices in a decade in May.

“While the news shouldn’t be a shock, given the pressures on the property market from soaring mortgage costs and weak consumer sentiment, it nevertheless was still a jolt to see a decline in the market in black and white.”