China, British retail sales weigh on FTSE 100

Yesterday, markets were reeling from the hawkish Fed minutes, which hinted at keeping rates high for longer. The FTSE 100 fell 0.6%. In Europe, Adyen tumbled 39% after the company announced lower sales, profits and margins.

Overnight, an announcement caused global markets to drop: the massive Chinese real estate company, Evergrande, filed for bankruptcy in New York.

The FTSE 100 opened 0.4% lower on Friday, weighed down by miners on worries over Chinese demand in the coming months.

Meanwhile, new data showed British retail sales volumes fell by a bigger-than-expected 1.2% between June and July, partly due to heavy rain deterring shoppers. Retail sales were 3.2% lower than at the same time last year.

Things to read today:

China’s central bank steps up defence of renminbi (Financial Times)

Adyen’s $20 Billion Wipeout Caught Almost Everyone Off Guard (Bloomberg)

China’s property crash is becoming more dangerous by the day (Daily Telegraph)