London Stocks Tumble Amid U.S. Economic Data Worries

London stocks fell nearly 1% on Friday, impacted by strong U.S. economic data that triggered concerns over prolonged high interest rates. The FTSE 100 dropped 0.9%, marking its longest losing streak in over three months. National Grid mitigated losses while British retail sales volumes slid significantly in April.

London stocks fell nearly 1% on Friday, tracking losses in Asian markets after robust U.S. economic data spurred worries of interest rates staying high for longer, while National Grid kept losses in check.

By 7:14 GMT, the blue-chip FTSE 100 index dipped 0.9%, poised for a fourth consecutive session in the red, its longest losing streak in more than three months. The index was set to log a second consecutive week of declines. The mid-cap FTSE 250 dropped 0.4%, also on track for a fourth straight day of losses.

Robust economic data from the U.S. showed business activity in May accelerated to the highest level in over two years. Investors indulged in profit-booking following a near 8% climb in London stocks over the past five weeks.

Among stocks, AJ Bell fell 4.5% after the investment platform's founder sold 7.5 million shares in the company. National Grid jumped 7.7% after a nearly 11% drop on Thursday.

Intertek Group was up 3% after the product testing firm reconfirmed its forecast for 2024. British retail sales volumes slid 2.3% in April, compared with a Reuters poll of a 0.4% drop, as wet weather kept shoppers away from clothing retailers and sports stores.

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