FTSE 100 Retreats On Growth Worries; Energy Stocks Worst Hit

(RTTNews) – U.K. stocks slipped into the red on Thursday as recession fears gripped financial markets and offset recent optimism surrounding China’s reopening.

The benchmark FTSE 100 was down 45 points, or 0.6 percent, at 7,784 after declining 0.3 percent the previous day.

Oil & gas firm BP Plc fell 2.2 percent and Shell lost 1.8 percent as crude prices extended losses on the back of weak U.S. economic data and a surprise build in U.S. crude stocks.

Harbour Energy tumbled 3 percent as it launched a review of its U.K. operations and cut its 2023 spending plan.

Events-and academic publishing group Informa advanced 1.7 percent after saying that it expects to report higher revenue and adjusted operating profit for 2022.

Melrose Industries dropped 1 percent. The company said the aerospace business of the former GKN traded in line with expectations in 2022.