(RTTNews) - FTSE 100 of the London Stock Exchange plunged to a four-week low amidst concerns over prolonged monetary tightening and an impending recession. Recession fears were reinforced with weak PMI and retail sales numbers released earlier in the day.
Whilst the Services PMI rose more-than-expected to 50, from 48.8 previously, Manufacturing PMI declined more-than-expected to 44.7 from 46.5 earlier. The lowest manufacturing PMI reading since May 2020 dampened investor sentiment. The weak retail sales data exacerbated the agony over an impending recession. Retail sales in the U.K. dropped unexpectedly by 0.4%, versus a growth of 0.9% previously and expectations of a 0.3% rise.
FTSE 100 oscillated between 7,429.29 and 7,320.89 versus the previous day's closing level of 7,426.17.
The benchmark index of the London Stock Exchange is currently trading at 7,337.59, down 1.2 percent on an overnight basis.
In the 100-scrip index, only 5 are trading in the overnight green zone.
Standard Chartered dazzled with a 1.75 percent uptick.
Segro is the biggest laggard with a 4.2 percent drop.
Unite Group, Rentokil Initial, Bunzl and Land Securities Group dropped more than 3 percent.
The GBP/USD pair increased to 0.15 percent to trade at 1.2194 amidst the US Dollar Index shedding 0.06 percent to touch 104.49.
Yields on U.K.'s ten-year bonds increased 4.6 percent to 3.3940% from the previous close of 3.2450%.
