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)