UK shares open lower as mining, China-focussed stocks slip

China-exposed bank HSBC lost 0.8%, while insurer Prudential fell 1.7%. Insurer Legal & General Group said its adoption of global accounting standard IFRS 17 would not alter its strategy, solvency or dividend plans, and it remained on track to achieve its 5-year ambitions.

Reuters| London | United Kingdom

Updated: 05-07-2023 12:49 IST | Created: 05-07-2023 12:47 IST

Image Credit: ANI

British shares opened lower on Wednesday as mining stocks retreated on lower metal prices, while other China-exposed stocks fell as subdued data sparked concerns of slowing demand in the world's second largest economy.

By 0706 GMT, the blue-chip FTSE 100 lost 0.5%, while the more domestically-focussed FTSE 250 midcap index fell 0.4%. Industrial metal miners slipped 1.3% as most base metal prices weakened, as a firm dollar and weak economic data globally weighed on the demand outlook for the sector.

A private-sector survey showed China's services activity expanded at the slowest pace in five months in June. China-exposed bank HSBC lost 0.8%, while insurer Prudential fell 1.7%.

Insurer Legal & General Group said its adoption of global accounting standard IFRS 17 would not alter its strategy, solvency or dividend plans, and it remained on track to achieve its 5-year ambitions. Its shares were down 2.2%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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