US and China GDP data weighs on FTSE

Revised US economic forecasts and disappointing GDP figures from China hit European markets in early trading on Thursday, with the FTSE falling 0.6%.

Shortly after opening, the index was down 32 points at 5,222, with the French Cac and German Dax also slipping 0.4% and 0.25% respectively. The US Federal Reserve yesterday predicted US GDP would expand by 3% to 3.5% this year, rather than the 3.2% to 3.7% rate previously projected. Meanwhile, the pace of growth in China slowed in the second quarter. The country's economy grew by 10.3% between April and June, above the government's growth target but well below the 11.9% growth rate during Q1. The slowdown came as the impact of a government stimulus package faded. Miners led th...