FTSE 100 Declines On Growth, Inflation Concerns

(RTTNews) - U.K. stocks fell notably on Thursday amid renewed worries about slowing economic growth and uncertainty over pervasive inflation.

The British pound edged lower amid political uncertainty. In the first vote to choose who will succeed Boris Johnson as Conservative party leader, former finance minister Rishi Sunak won the biggest backing from Conservative lawmakers.

The benchmark FTSE 100 was down 56 points, or 0.8 percent, at 7,100 after declining 0.7 percent in the previous session.

Consumer credit reporting company Experian jumped 2.3 percent after its revenue in the first quarter grew 7 percent at actual exchange rates and 9 percent at constant exchange rates, benefiting from robust demand mainly in North America.

Investment manager Ashmore Group lost about 4 percent after the company saw its assets under management drop 18.3 percent to $64bn in the three months to June 2022.

Recruiter Hays advanced 1.7 percent after reporting a 23 percent jump in quarterly fees.