US economy

UK shares slip, Cineworld up on December box office recovery



© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville

(Reuters) – UK shares slid on Friday, reflecting weak investor sentiment in global markets on fears about faster U.S. interest rate hikes, although data pointing to a much stronger-than-expected economic recovery in November helped limit losses.

The blue-chip slipped 0.2% by 0817 GMT, tracking Asian and European peers lower after multiple Federal Reserve officials were out talking about inflation and interest rate hikes, driving Wall Street indexes lower on Thursday. [.N]

Still, the FTSE 100 was on course for a fourth consecutive weekly gain.

Data showed Britain’s economy grew by a much stronger-than-expected 0.9% in November, finally taking it above its size just before the country went into its first COVID-19 lockdown.

Cineworld shares rose 2.7% as its box office sales recovered in December due to the success of Marvel superhero film “Spider-Man: No Way Home”.

Discount retailer B&M European Value Retail fell 4.1% after its share sale announcement.

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