The latest from London: High volatility

Down and up, and down. The FTSE 100 is in the red on Friday for a third straight session, after rising at the start of the week. Today, new data shows that economic growth is treading water in the U.K.

The UK economy almost came to a halt in October, hampered by restrictions against the Omicron variant. New data shows that GDP grew by just 0.1% in October, much lower than the 0.4% which economists had anticipated. The economy is still 0.5% below its pre-pandemic levels.

The Office for National Statistics reports that services output grew by 0.4%, but production output decreased by 0.6%, while construction output contracted by 1.8% in the month.

The data could contribute to postpone a potential Bank of England decision to raise rates in December.

Among stocks, Royal Dutch Shell fell 0.7% before a shareholder vote to end its dual share structure and move its headquarters to London from The Hague.

AB Foods inched up 0.2% after reporting good sales at its Primark fashion business.

 

Things to read today:

Investment advisers surpass retail as biggest holders of US-listed ETFs (Financial Times)

Musk, Other Insiders Are Selling Stock at Historic Levels (Wall Street Journal)