U.K. stocks traded lower on Tuesday after the latest PMI data signaled persistent contraction in the country’s private sector for the third consecutive month.
The composite PMI, which combines services activity and manufacturing output, inched up to 48.6 from 48.5.
Meanwhile, the ILO unemployment rate dropped to 4.2 percent in the three months to August, as against a 4.3 percent reading reported in the three months to July. Analysts didn’t expect any change.
The benchmark FTSE 100 was down 17 points, or 0.2 percent, at 7,358 after declining 0.4 percent on Monday.
Miners advanced, with Anglo American, Antofagasta and Glencore all rising around 1 percent as base metal prices rose on a weaker dollar.
Barclays slumped 6.3 percent after the lender warned of margin pressure and hinted at major cost cutting later this year.
Peers Lloyds Banking Group and NatWest fell around 2 percent each.
Distribution services giant Bunzl tumbled 4.5 percent after revenue for the third quarter fell 4.8 percent at constant exchange rates.
Market Analysis
FTSE 100 Edges Lower After PMI Data
2023-10-24 09:25:38
