FTSE 100 Live: UK retail sales drop 1.2%, index avoids lowest close of 2023

The FTSE 100 index narrowly avoided its lowest close of the year after a grim week for global stock markets. London’s top flight fell again by 0.7% today, leaving it down by 3.5% since Monday as worries mount globally over higher-for-longer interest rates. Rising borrowing costs have added to pressure on the retail sector, resulting in today’s 1.2% fall in sales during washout July.