London stocks rise, but set for weekly loss as slowdown woes mount

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville

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  • FTSE 100, FTSE 250 add 0.6%

July 15 (Reuters) – Oil and defensive stocks lifted UK’s FTSE 100 on Friday, although the index was set for a weekly loss as worries about aggressive interest rate hikes and a sharp slowdown in China’s economy weighed on investors’ risk appetite.

The blue-chip FTSE 100 (.FTSE) added 0.6%, with gains for oil majors and defensive stocks such as British American Tobacco and AstraZeneca (AZN.L) supporting the index.

The domestically focussed FTSE 250 index (.FTMC) also edged 0.6% higher. Still, both benchmarks were poised for weekly losses.

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London-listed shares of Rio Tinto (RIO.L) slipped 1.7% after the global miner warned that labour shortages and soaring inflation would impact its earnings in the second half. read more

Peers Anglo American and Glencore fell 1.9% and 0.7%, respectively.

Burberry (BRBY.L) dropped 4.9% after the luxury brand said its first-quarter comparable store sales rose by 1%, limited by COVID-19 lockdowns in China, its biggest market. read more

Low-cost carrier EasyJet (EZJ.L) dropped 2.9% after J.P. Morgan downgraded the stock to “underweight”.

Tonic maker Fevertree (FEVR.L) fell 31.5% after it lowered its annual profit forecast, citing worsening cost pressures and logistical issues. read more

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Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

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