LONDON MARKETS: FTSE 100 Retreats As Crude Oil Slump Weighs On Commodity-heavy Benchmark
24 June 2019 - 5:47PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
BP, Reckitt Benckiser, British American Tobacco among moving
shares
London's main stock benchmark headed lower on Wednesday as
renewed doubts over a U.S.-Sino trade deal and slumping crude-oil
prices undercut global risk appetite.
How are markets performing?
The U.K.'s FTSE 100 lost 0.7% to 7,349.84, after rising 0.3% on
Tuesday.
The pound rose 0.2% to $1.2748.
What's driving the markets?
Renewed concerns over a U.S.-China trade deal tamped down
enthusiasm for global equities. Trade-deal optimism had been
building ahead of a Group of 20 meeting at the end of the month,
but President Donald Trump admitted Tuesday he was "holding up" a
deal
(http://www.marketwatch.com/story/trump-i-have-no-interest-in-trade-deal-until-china-reverses-its-stance-2019-06-11)
between the countries.
Oil was the biggest losing sector in London as heavily weighed
companies tracked sharp falls in U.S. and Brent crude prices , down
over 2% each
(http://www.marketwatch.com/story/crude-prices-slide-on-signs-of-rising-us-inventories-2019-06-12).
That was after a report showing higher U.S. inventories and ahead
of a key government report on supplies data due later. BP PLC
(BP.LN) (BP.LN) slid over 2%.
What stocks are active?
Reckitt Benckiser Group PLC (RB.LN) climbed 2.5% after the
company named Laxman Narasimhan as chief executive
(http://www.marketwatch.com/story/reckitt-benckiser-names-laxman-narasimhan-as-ceo-2019-06-12)
effective Sept. 1, succeeding Rakesh Kapoor.
British American Tobacco PLC shares fell over 4%. The tobacco
giant said business continues to perform well
(http://www.marketwatch.com/story/british-american-tobacco-upbeat-for-full-year-2019-06-12)
in the first half of fiscal 2019 and that it is on track to deliver
a good performance for the full year.
(END) Dow Jones Newswires
June 24, 2019 03:32 ET (07:32 GMT)
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