BP closed down 0.4% after announcing the sale of a 65% stake in its lubricants business Castrol.

Figures show the US economy grew more than forecast in the third quarter.

The FTSE 100 index closed down 31.45 points, 0.3%, at 9,865.97.

The headline Consumer Prices Index rose 3.2% year-on-year in November, slowing from 3.6% in October.

Figures from the ONS showed the unemployment rate rose to 5.1% in the three months to October, up from 5% in the three months to September.

The FTSE 100 index closed up 102.28 points, 1.1%, at 9,751.31.

The index dipped after a promising start amid poor growth figures and US tech concerns.

After Europe’s close on Wednesday, the US central bank cut interest rates by 25 basis points as expected.

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In London, retailers were a soft feature after a report showed annual UK retail sales growth decelerated in November.

For the week, the FTSE 100 fell 0.6%, the FTSE 250 ebbed 0.5% and the AIM All-Share declined 0.3%.

In London, figures showed UK construction activity fell at the fastest pace in five and a half years in November.

Miners led the way in London on rising metals prices, with copper showing particular strength.

Elsewhere, UK lenders passed the latest Bank of England stress tests.

Whitbread slid 11% after warning that changes to business rates in Wednesday’s Budget will materially increase costs in the next financial year.

‘UK assets continue to hold up well in the wake of the Budget,’ said IG analyst Chris Beauchamp.

Financial markets gave a guarded welcome to Chancellor Rachel Reeves’s plans on Wednesday.

Chancellor Rachel Reeves is due to deliver her statement to the Commons on Wednesday.

For the week, the FTSE 100 was down 1.6%, the FTSE 250 fell 2.1%, and the AIM All-Share declined 1.4%.

The FTSE 100 index closed up 20.24 points, or 0.2%, at 9,527.65. It had earlier traded as high as 9,593.83.