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Evening Standard

Business

City Staff

FTSE 100 Live: China GDP reveals Covid impact, Burberry shares slide

China Covid-19 GDP United States

China’s Covid lockdowns slowed the country’s GDP growth to 0.4% in the second quarter, weaker-than-expected figures revealed today.

The annual outturn, which compared with 4.8% the previous quarter, was offset by separate data showing a surge in consumer spending after restrictions were relaxed in June.

European and US investors are also focused on the latest banking sector earnings after yesterday’s disappointing reports from JP Morgan Chase and Morgan Stanley. In London, shares in Burberry and Fevertree Drinks have fallen sharply after updates today.

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