FTSE falters on trade data from China

THE FTSE 100 ended firmly in the red yesterday as disappointing trade data from China weighed on global indices.

London’s top flight closed down 63.16 points, or 0.91%, at 6,855.02 as data from the Asian superpower showed a 4.4% decline in the country’s exports in December.

It represents the worst decline in two years, and comes amid simmering trade tensions between the US and China, as well as a slowdown in global growth.

Connor Campbell, financial analyst at SpreadEx, said: “Given that the commodity sector is rightly edgy every time some bad news comes out of Beijing, it stands to reason that the oil and mining-heavy FTSE was the worst hit of the major indices.

“The likes of BP, Shell, Anglo American and Antofagasta causing the brunt of the decline.”

On the FTSE 250, JD Sports shares were on the rise after the retailer reported robust sales growth, buck- ing the trend of faltering high street sales.

The sports apparel retailer’s sales increased 15% in the 48 weeks to January 5, while like-for-like sales rose 5%, including a positive performance from the much-hyped Black Friday discount event.

Sterling, meanwhile, had another rollercoaster day ahead of a critical Parliamentary vote on Theresa May’s Brexit deal. The British currency spiked in afternoon trade on suggestions that the ultra hard Brexiteers that compose the European Research Group will vote for the Prime Minister’s Withdrawal Agreement.

The biggest risers on the FTSE 100 were Royal Bank of Scotland up 6.8p at 232.5p, Land Securities up 17.2p at 850.4p, Ocado up 16.8p at 878p and LSE Group up 67p at 4,390p.

The biggest fallers on the FTSE 100 were Intercontinental Hotels Group down 245.21p at 4,299p, Paddy Power Betfair down 270p at 6,260, Astrazeneca down 203p at 5,509p and Pearson down 35.9p at 991.6p.