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UK stocks largely flat as investors await key economic data

written by Bella Palmer
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The blue-chip index FTSE 100 was trading flat at 8247.86, while the mid-cap index FTSE 250 declined 0.1%

The UK's main stock indexes opened largely flat on Monday as investors await a set of crucial economic data this week, while gambling firms dropped after reports of the government considering tax raids.

The blue-chip index FTSE 100 was trading flat at 8247.86 by 0718 GMT, while the mid-cap index FTSE 250 declined 0.1%.

British bookmakers Flutter and Entain stumbled 7.3% and 14.2%, respectively, after reports said that the new government is considering a £3 billion tax raid on gambling firms.

The travel and leisure sector skidded 2% after the news and was the biggest decliner amongst sectors.

The oil sub-sector tumbled 0.2% after data showed that China's inflation rate dropped and a lack of clarity on the country's economic stimulus plans stoked fears about fuel demand.

Investors are bracing for a slew of key economic data from Britain, starting with payrolls and employment figures on Tuesday.

CPI figures for September are due on Wednesday. The PPI figures are also scheduled for release on the same day.

British retail sales figures for September, set to be released on Friday, will wrap up the week's economic data.

Markets are also eyeing comments from BoE's Monetary Policy Committee (MPC) member, Swati Dhingra, who is due to speak at a panel later in the day.

Meanwhile, market participants are assessing China's economic stimulus promises made over the weekend, which were light on details.

Among individual stocks, TI Fluid Systems climbed 20.2% to the top of the FTSE 250 after the automotive fluid storage maker received a revised offer from ABC Technologies.

Ashmore Group added 6.3% after the emerging markets-focused investor reported higher first-quarter assets under management.

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