China data spooks UK investors

05/16/2022 | 04:47am

Despite turmoil caused by recession fears, the FTSE 100 still managed to add 0.4% over last week. This morning, it was down by 0.7%, before coming back to positive territory later.

Defensive stocks are among the worst-performing stocks today, with Unilever, Reckitt Benckiser, JD Sports and Hikma Pharmaceuticals all at the bottom of the index.

Investor sentiment is also dented by new data showing China's retail and factory activity dropped significantly in April due to lockdown restrictions in response to a Covid surge.

Among gainers, Vodafone jumped 3.6% Emirates Telecommunications Group, which recently rebranded from Etisalat to e&, bought a 9.8% stake in the company for £3.3 billion.

 

 

Things to read today:

China’s economic activity plummets as Covid Lockdowns hit growth (Financial Times)

Tory MPs to grill Bank of England governor over high inflation (The Guardian)

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