Home Business News Markets retreat on China data disappointment

Markets retreat on China data disappointment

by LLB Editor
16th Jul 20 12:11 pm

The markets continue to demonstrate a one step forward, one step back behavioural pattern. Today is a backwards day with the FTSE 100 down 0.5%, Germany’s DAX index falling 0.7%, Japan’s Nikkei 225 sliding 0.8% and the Hang Seng in Hong Kong trading 1.7% lower,” says Russ Mould, investment director at AJ Bell.

“Weighing on global markets was new data from China which showed its economy returned to growth in the second quarter of 2020, but domestic consumption and investment remained weak.

“On the UK market, technology, miners and consumer stocks were the main culprits for the index retreating. Energy, telecoms and utilities were the only sectors making any progress.

“Among the mid-caps, cinema operator Cineworld topped the FTSE 250 risers with only a fortnight to go before its sites reopen in the UK and US. In France, more than a million tickets were reportedly sold across the cinema sector in the first nine days after reopening from lockdown, indicating pent-up demand for the big screen.”

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