FTSE 100 goes down ahead of British GDP data
On Thursday, British stocks sank for a second straight day, with sluggish Chinese data as well as a tumble in crude prices bringing resource companies lower.
Market participants were also cautious of making any huge bets ahead of the issue of closely watched third-quarter GDP report for Great Britain, the first full quarter since the country voted to abandon the European Union.
The FTSE 100 index UKX lost 0.4%, trading at 6,930.08, building on a 0.9% drop from Wednesday.
Bulls hope that the FTSE will find its feet and rebound during early trading out of the downtrend, which started in the beginning start of the week to above 6,970 dropping peaks, while bears are looking for the downtrend to break support at 6,900.
Mining companies reported some of the greatest losses in London after data demonstrated a slowdown in the Chinese industrial sector. Industrial revenues surged 7.7% year-over-year growth in September, steeply down from the 19.5% surge last month.