FTSE 100 index retreats on US data

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Source: Dukascopy Bank SA
UK FTSE 100 index climbed rapidly during morning trade supported by oil shares and miners as oil futures broke USD 88 a barrel resistance. However, British benchmark retreated after disappointing US jobless claims data and downward revised quarterly GDP data erasing most of its 1% gain. Admiral Group fell 4% on the Office of Fair Trading's decision to refer the private vehicle insurance market to the Competition Commission, boosting fears that earnings among largest UK firms may suffer. At the moment of writing FTSE 100 is trading 0.2% or 12.8 points up at 5,310.

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Thu, 31 May 2012 15:35:20 GMT

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