UK stocks are weaker on Monday amid domestic political worries and more signs of a slowdown in China, raising concerns about global growth.

Markets are preparing themselves for a week of political upheaval in the UK with the ‘meaningful vote’ on the Prime Minister’s proposed Brexit deal tomorrow potentially paving the way for a Commons revolt and Labour vote of no confidence.

Worse than expected Chinese trade data points to the economy slowing more than forecast which is negative for stocks exposed to the region.

The FTSE 100 index is down 0.5% to 6,883 points with banks, miners, oil, retailers and technology experiencing notable weakness.

The mid-cap FTSE 250 index is also down 0.5% at 18,442 points.

Best performers on the FTSE 100 are housebuilders with Berkeley Group (BKG) adding 2.2% to £38.32, Taylor Wimpey (TW.) adding another 1.4% to 158p after a strong showing on Friday, and Barratt Developments (BDEV) adding 0.9% to 508p.

Bottom of the large caps are gambling stocks with GVC (GVC) down 2.8% to 700p and Paddy Power (PPB) down 3% to £63.30.

The Government is considering banning the use of credit cards to fund betting. Around 20% of deposits are paid via credit cards, says broker Canaccord Genuity.

Oil stocks are also weak as Brent crude falls 1.5% to $59.90 on global growth concerns.

Shares in Premier Oil (PMO) fall 9.6% to 71.9p after the company released a statement countering recent market speculation that it is about to bid for Chevron’s UK assets.

Recruitment firm PageGroup (PAGE) reports record fourth quarter and full year results as overseas fee income offsets a sluggish UK market.

Group income increased by 15.8% in the fourth quarter thanks to strong growth in EMEA, Asia Pacific and the Americas while UK fees rose 2.1%.

However the headline growth rate marks a slowdown from the third quarter and the shares give back 4% at 446p.

Shares in Revolution Bars (RBG) fall 17% to 101p after the company cuts full year profit expectations to 20% below last year due to lower like-for-like sales and higher operating costs.

While trading over Christmas was ‘much improved’ on October and November, with many venues setting sales records, the firm is taking ‘a more cautious outlook on trading in the coming months’.

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Issue Date: 14 Jan 2019