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Market Report: FTSE 100 slides on slow economic recovery expectations

FTSE 100 slid almost 40 points to 6,131 as latest economic data highlighted the UK’s economic recovery from COVID-19 will be slow. Asian and US markets also retreated overnight.

Britain’s GDP rose 1.8% in May, far less than hoped for by those predicting a V-shaped recovery. Housebuilding and manufacturing did pick up nonetheless.

From 24 July, UK shoppers will also have to contend with wearing facemasks to reduce the risk of a second wave hitting the UK. One prediction this morning was that there might be a further 120,000 deaths in the UK over winter in a worse case outcome.

Ocado Group PLC(LON:OCDO) has been a COVID-19 beneficiary and reported 27% growth in its latest half year as revenues topped £1bn. The group also posted a loss as it invested in the roll-out of robot-operated warehouses for its overseas partners.

Bango  (LON:BGO) said it is expecting “record revenue growth ahead of expectations” in the first half of its current year, while end user spending in the full year is expected to hit £2bn. The mobile commerce firm said it expects to revenue growth of over 50% to £4.8mln year-on-year.

European Metals (LON:EMH) has signed up German investment banking boutique, DGWA, to build the Lithium-focused firm's profile in Europe. Based in Frankfurt, Berlin and Vienna DGWA will target the German-speaking financial community.

Trident Royalties PLC (LON:TRR) is to acquire a royalty on the Spring Hill gold project in Northern Territory, Australia, from Thor Mining. Trident will pay A$400,000 upfront for the royalty, with further payments due later.

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