FTSE rebounds despite weak US data

UPDATE: The FTSE has bounced back from heavy losses earlier this afternoon on the back of weak GDP figures from the US.

The index of 100 leading shares is still in the red, down 17.09 points, or 0.32%, to 5,296.86. However this is an improvement losses at around 2pm, when news US economic growth slowed between April and June sent FTSE100 tumbling 60.65 points, or 1.14%, to 5,253.31. The disappointing data also dragged on the Dow Jones. The US index was down 33.23 points, or 0.32%, to 10,433.93 points shortly after opening. The latest GDP figures showed the US economy had grown by an annualised rate of just 2.4%, the US Commerce Department has said. This compares with an annual rate of 3.7% in the p...