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Market Update: GB100 is down by 2%
The FTSE 100 dropped more than 1% to a two-week low on Friday, amid a resurgence in coronavirus cases in the UK, post-Brexit tensions and weak retail trade data. Britain reported its biggest daily rise in new cases of COVID-19 since mid-February, amid the spread of the delta variant and despite the country’s rapid pace of vaccination. Elsewhere, the UK has asked the EU to suspend an imminent ban on some meat products in Northern Ireland, with both sides aiming to negotiate an agreement on the Brexit protocol. On the economic data front, UK retail sales unexpectedly dropped in May, as food stores and non-store retailers were affected by the easing of restrictions for hospitality and non-essential retail. [/s2If]
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