London’s FTSE 100 traded down 23 points at 7,159.2 on the back of China reporting weaker than expected growth of 6% amid worries that the trade war with the US was hitting factory production. The blue chip CSI300 index fell by 1.4%.
Meanwhile the domestically focused FTSE 250 index was up 65 points to 20,286.2 points, buoyed by the prospect of the breakthrough Brexit deal getting passed by parliament which will sit tomorrow for the first time since the Falklands war.
Shares in the London Stock Exchange (LSE) rallied 1.7% after it reported higher-than-expected third-quarter income. Income from continuing operations was up 12% to £587m for the period ended 30 September.
After rebuffing an approach from Hong Kong Exchanges and Clearing the company is pushing ahead with its proposed $27bn acquisition of data analytics firm Refinitiv. The LSE confirmed today that its expects the deal to go through by the second half of next year.
It was also announced that finance chief David Warren would retire by the end of 2020 once the Refinitiv deal is finalised.
Holiday Inn owner Intercontinental Hotels (IHG) reported weak third quarter bookings hit by the Hong Kong street protests, where revenue per available room (RevPar) dropped by a massive 36%. Greater China also saw weak bookings, off by 6.1%. The company also highlighted tough trading conditions in the US. Its shares gave up 2% to £46.46.
Staying with the hotels sector, upscale hotel group Elegant Hotels (EHG:AIM) received an all cash offer of 110p, from Marriott International, sending its shares up 56% to 108.27p.
Shares in super budget hotel operator Easyhotel (EZH) were 3% firmer today after reporting a trading update for the year ended 30 September. Total system sales forged ahead by 28% to £47.8m, driven by owned hotel like-for-like RevPar up 7.7%, while franchised RevPar fell 1.6%.
Logistics firm Wincanton (WIN) said that it was mulling a possible merger with Eddie Stobart Logistics (ESL:AIM) to create one of the UK’s largest logistics group. Shares in the latter are currently suspended following a financial review of its delayed half-year results. Meanwhile shares in Wincanton traded down 0.5p to 233.5p.
Elsewhere cyber security firm Avast (AVST) reported third quarter adjusted revenue of $220.3m, up 9%, resulting in an 8.7% growth in earnings before interest, tax, depreciation and amortisation (EBITDA). Its shares traded 4.9% higher at 387.5p.
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