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FTSE 100 under pressure, Greggs and Dunelm shares support FTSE 250
China-facing stocks came under pressure after the country’s weaker-than-expected set of trade figures.
Imports fell 12.4% in July, much worse than the 5% forecast after Beijing reported a slowing of inbound shipments of technology and machinery goods.
Exports, meanwhile, declined for a third consecutive month as the weakening global economy contributed to the biggest drop since February 2020 at 14.5%.
Hong Kong’s Hang Seng index closed almost 2% lower, even though additional measures in support of China’s pandemic recovery now appear inevitable.
UBS Global Wealth Management said: “The weak imports data is the latest piece of evidence that more stimulus is urgently needed to boost domestic confidence and spending.”
Lower stocks in London’s top flight included Asia-facing bank Standard Chartered, which declined 8.4p to 738.6p and Prudential after a fall of 11p to 1015.5p. Anglo American dipped 56.5p to 2144p in a weak session across the commodities sector.
Despite last night’s return of risk appetite for Wall Street markets, the FTSE 100 index eased 20.89 points to 7533.60. Other fallers included Rolls-Royce, which gave up 5.3p to 204.2p in a bout of profit taking after the engine maker’s recent strong run.
The FTSE 250 index lifted 16.27 points to 18,877.94, aided by support from Greggs and Dunelm after their shares rose 32p to 2564p and 19p to 1169p respectively.
TI Fluid Systems topped the risers board, surging 17% or 22.6p to 152.4p as the supplier of brake and fuel lines for global vehicle manufacturers easily beat earnings expectations.
The company, which employs 25,600 people at 104 locations across 29 countries, also pleased investors by unveiling a new progressive dividend policy.
In the FTSE All-Share, Croydon-based materials technology business Zotefoams fell 19.2p to 365.8p despite a 30% rise in profits to £7.4 million. Highlights in the six month period included an extension of its exclusive supply agreement with footwear giant Nike until the end of 2029.
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