SummaryCompaniesFTSE 100 slips 0.6%, FTSE 250 down 0.3%Aviva’s financial targets disappoint investors3i Group cautious on new investmentsUK economy barely expands in Q3Nov 13 (Reuters) – London’s FTSE 100 fell on Thursday after a three-day run of record highs, dragged by financial and energy shares, as investors assessed disappointing third-quarter economic growth data.The blue-chip index (.FTSE), opens new tab was down 0.6% as of 12:11 GMT, though it remained within reach of the significant 10,000 points milestone.
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The mid-cap FTSE 250 (.FTMC), opens new tab also dipped 0.3%.Investment banks & brokerages (.FTNMX302020), opens new tab dropped 6.3%, as investment firm 3i Group (III.L), opens new tab slumped 14.6%, set for its worst day since May 2022, after the company said it is cautious in deployment of capital into new investment.Energy sector (.FTNMX601010), opens new tab declined 1.1% after a report showing rising crude inventories in the U.S. reinforced oversupply concerns, bringing down oil prices.Britain’s economic performance showed minimal momentum in the third quarter, with growth hampered by a cyber attack on Jaguar Land Rover in September.This lacklustre showing reinforced market expectations for an interest rate cut from the Bank of England in December. Finance Minister Rachel Reeves’ budget announcement is scheduled for November 26.Sterling briefly touched a session low following the data release before recovering to trade 0.2% higher.Global markets remained focused on the flow of economic data from the U.S. after President Donald Trump signed legislation ending the country’s longest government shutdown. The 43-day data blackout left both the Federal Reserve and traders uncertain about labour market conditions and inflation trends.Life insurers (.FTNMX303010), opens new tab fell 1.3% on Thursday, as Aviva (AV.L), opens new tab dropped 4.3% after the insurer’s new financial targets failed to impress investors.But precious metal miners (.FTNMX551030), opens new tab climbed 8.2% as gold prices hit a more than three-week high.Homebuilder Persimmon (PSN.L), opens new tab rose 2.3% after reporting a rise in its forward sales despite consumer uncertainty.Burberry (BRBY.L), opens new tab shares rose 2.4%, hitting their highest since July 29, after the luxury brand posted its first quarter of growth in two years.Wizz Air’s (WIZZ.L), opens new tab shares climbed 8.7% after the airline reported strong first-half operating profit.
Reporting by Utkarsh Tushar Hathi; Editing by Sahal Muhammed
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