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FTSE 100 watch: Weak China data and Brexit worries send Footsie lower

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The UK benchmark index has fallen deep into the red in today’s session, pressured by worries over the ongoing Brexit process, as well as downbeat data out of China which weighed on Asian shares this morning. In individual movers, GVC Holdings (LON:GVC) has soared to the top of the FTSE 100 leaderboard ahead of a parliamentary vote on fixed-odds betting terminals next week.

FTSE 100 in the red

As of 12:38 GMT, the Footsie had lost 42.70 points to stand 0.62 percent lower at 6,834.80. Sentiment has been subdued following a downbeat lead from Asia where shares retreated following downbeat data out of China.

“There have been some troublesome figures coming out of China in 2018 and another batch has now served to drag down markets in Asia and Europe. They suggest that China is finding it hard to sustain high levels of economic growth,” said Russ Mould, the investment director at AJ Bell, as quoted by Proactive Investors.

GVC shares rise

In individual movers, shares in GVC have been in demand ahead of a parliamentary vote on legislation regarding fixed-odds betting terminals next week. Reuters has quoted City analysts as saying that the vote would be a ‘significant positive catalyst’ for the stock, eliminating the possibility the company would have to pay out around £676 million pounds to shareholders.

The newswire explained that the FTSE 100 group had agreed to pay a contingent value right as part of its acquisition of Ladbrokes Coral earlier this year if the legislation is not enacted by 28 March 2019. GVC’s share price currently stands 9.22 percent higher at 722.50p.

The FTSE 100 was 0.64 percent down at 6,833.71 points as of 12:48 GMT on Friday, 14 December 2018.

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