FTSE 100 loses steam after 8-day rally as recovery concerns weigh

The blue-chip FTSE 100 index fell 0.9%, led by bank and energy stocks, while the domestically focussed mid-cap FTSE 250 lost 0.1%. Official data showed Britain's economy grew by only 1.1% in September from August, even before the latest restrictions on businesses, while finance minister Rishi Sunak said new steps taken to curb the spread of COVID-19 had likely slowed growth even more since then.

London's FTSE 100 slipped on Thursday after staging a near 8% rally this week, as slower-than-expected domestic economic growth in September underscored concerns about a faltering recovery from the coronavirus-driven recession. The blue-chip FTSE 100 index fell 0.9%, led by bank and energy stocks, while the domestically focussed mid-cap FTSE 250 lost 0.1%.

Official data showed Britain's economy grew by only 1.1% in September from August, even before the latest restrictions on businesses, while finance minister Rishi Sunak said new steps taken to curb the spread of COVID-19 had likely slowed growth even more since then. In company news, luxury brand Burberry Group Plc rose 4.1% after its sales returned to growth in October as comparable store sales fell by less than expected in the previous quarter.

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