FTSE 100 watch: Stronger pound and weak China data hit Footsie

Hargreaves Lansdown share price dips amid FCA proposals

FTSE 100 watch: Stronger pound and weak China data hit Footsie

The UK benchmark index has started the week on the back foot, pressured by a rise in sterling and downbeat growth data out of China. Hargreaves Lansdown (LON:HL) meanwhile has been one of today’s most prominent FTSE 100 fallers after the Financial Conduct Authority (FCA) signalled that it was considering introducing changes in the funds platform sector. 

FTSE 100 heads south

As of 12:03 BST, Britain’s blue-chip index had given up 60.33 points to stand 0.79 percent lower at 7,601.54. The Footsie has been subdued as China reported that its economic growth had slowed down in the second quarter of the year, with the news putting pressure on London-listed miners.

“The concern is that any protracted threats of a trade war or indeed a trade war itself could put those figures at risk further,” said Mike van Dulken, head of research at Accendo Markets, as quoted by Reuters. “We’re getting used to a Chinese economy growing more slowly because it can’t continue to growth at double digits forever. It’s not a really aggressive start to the week to the downside. There may have been an element of profit-taking into the weekend anyway.”

A rise in the pound is also weighing on the benchmark index, pressuring blue-chips with international exposure.

HL shares down

In individual movers, Hargreaves Lansdown has been one of today’s most prominent fallers, after the FCA proposed measures to improve competition in the investment platform market, having concluded that switching platforms was too difficult and costly. Hargreaves Lansdown’s share price is currently 4.01 percent worse off at 1,974.50p.

The FTSE 100 was 1.12 percent down at 7,576.05 points as of 12:55 BST on Monday, 16 July 2018.

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