U.K. Shares Fall As Pound Rebounds

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(RTTNews.com) - U.K. stocks fell slightly on Monday as escalating concerns about global trade tensions offset investor optimism over a weakening pound.

The currency bounced back against the dollar today after falling as much as 1.4 percent on Friday, its biggest single-day percentage loss since June 2017, as EU leaders turned down Theresa May's Chequers blueprint at a summit in Salzburg, giving a major blow to her chances of reaching a deal post-Brexit.

Trade tensions also returned to the fore as Beijing cancelled planned talks with the Washington and a new round of U.S. tariffs on Chinese goods kicked in, triggering fears of a protracted trade dispute between the world's two largest economies.

The benchmark FTSE 100 was down 18 points or 0.24 percent at 7,472 in late opening deals after climbing as much as 1.7 percent on Friday.

Shares of Sky Plc jumped nearly 9 percent after the media giant urged its shareholders to immediately accept a superior cash offer of 17.28 pounds by Comcast Corp.

Randgold Resources jumped 6 percent after it agreed merger terms with Canada'sBarrick Gold.

BT Group shed half a percent. Sky News reported that the telecoms company is in advanced talks to appoint Philip Jansen, the joint boss of Worldpay, as its next chief executive.

Travel operator Thomas Cook Group tumbled 3.2 percent. The company slashed its profit outlook "following unprecedented months of hot weather".

WPP was little changed. New Chief Executive Mark Read is preparing to consolidate some of the advertising giant's major properties to keep pace with the industry's digital shift, the Wall Street Journal reported.

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This article appears in: Stocks , Economy , Oil
Referenced Symbols: ABX ,

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