FTSE 100 Modestly Lower Amid Trade Tensions, Weak Economic Data

(RTTNews) - U.K. stocks are showing weakness on Tuesday, weighed down by data showing an uptick in unemployment rate, and a slowdown in retail sales growth, as well as rising U.S.-China trade tensions.

Trade tensions between the U.S. and China are rising, and traders are also following the political developments in France.

China's commerce ministry said it remained open to talks, but the U.S. cannot seek dialogue while threatening new measures.

"If you wish to fight, we shall fight to the end; if you wish to negotiate, our door remains open," according to an official statement.

Also, Beijing reportedly said it was Washington's expansion of curbs on Chinese firms in late September that ratcheted up tensions and drove it to further tighten its grip on the critical minerals.

The benchmark FTSE 100 was up 32.74 points or 0.35% at 9,410.17 nearly half an hour past noon.

Shares of mining companies are among the major losers.

Metlen Energy & Metals, Anglo American Plc, Rolls-Royce Holdings, Antofagasta, IAG, Glencore, Spirax Group, Melrose Industries, BP, Rentokil Initial, IMI, Weir Group, Ashtead Group, Burberry Group and Rio Tinto are down 2 to 4.3%.

EasyJet is climbing nearly 4%. Persimmon and Berkeley Group Holdings are up 2% and 1.75%, respectively.

Centrica, Haleon, LondonMetric Property, Unilever, Land Securities and Associated British Foods are gaining 1 to 1.2%.

Data from the Office for National Statistics Showed the UK unemployment rate rose slightly in the three months to August, climbing to 4.8% from 4.7% in the preceding period. The rate was seen unchanged at 4.7%.

In the three months to August, average earnings excluding bonuses increased 4.7% from a year ago, in line with forecast.

A report from the British Retail Consortium said UK retail sales registered slower growth in September amid looming budget.

Retail sales grew 2.3% year-on-year in September, slower than the 3.1% increase in August. In the same period last year, retail sales had advanced 2%.