FTSE caged as traders await Us-china deal

The FTSE 100 struggled for direction as gloomy data from China rekindled fears of a global slowdown and traders awaited the imminent Us-china trade deal.

London’s blue-chip index edged 4.75 points higher to close at 7622.35, as markets held their breath ahead of an interim trade deal between the two global economic powerhouses – phase one of which is expected to be signed today.

Connor Campbell, financial analyst at Spreadex, said: “Any rogue Trump comment, or hint towards the even more difficult ‘phase two’ part of negotiations could cause some movement in the second half of the week.”

China also revealed data showing exports are growing at their slowest pace in three years, further unnerving traders.

In the UK, gambling stocks were in the spotlight after the Gambling Commission announced a ban on betting using credit cards. Paddy Power and Betfair group Flutter Entertainment was among those slipping, closing 1.2 per cent lower at 9,096p.

The Gambling Commission said firms are set to face “tough enforcement action” when the ban is introduced on 14 April.

Housebuilder Taylor Wimpey rose 3.9 per cent to 209.9p after housing completions increased in 2019, despite the economic and political uncertainty throughout last year.

Elsewhere, online fashion retailer Boohoo closed up 15.7p, or 4.9 per cent, to 333.7p after it saw sales soar 44 per cent over the past four months. It puts the fast fashion darling on track to surpass profit and revenue forecasts for the year.