Markets

FTSE 100 Drifts Lower Ahead Of Sino-US Trade Talks

(RTTNews) - U.K. stocks recouped some early losses on Tuesday and the pound fell sharply after comments from a source in Prime Minister Boris Johnson's office suggested that a Brexit deal was essentially impossible.

The pound was also reacting to official data showing that U.K. labor productivity contracted in the second quarter at the fastest pace in five years.

Meanwhile, markets remained focused on the resumption of the U.S.-China trade talks this Thursday, though any real change or breakthrough is unlikely.

The benchmark FTSE 100 was down 11 points, or 0.16 percent, at 7,186 after rising 0.6 percent on Monday.

Shares of London Stock Exchange Group slumped 4.8 percent after Hong Kong's bourse abandoned its bid for the company.

easyJet lost 6.5 percent despite the airline delivering a solid performance in the fourth quarter and predicting it will hit upper profit guidance of up to £430m for its full year.

Recruiter PageGroup plunged 12 percent after downgrading its profit outlook.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.