FTSE 100 Drifts Lower On US-China Trade Worries

(RTTNews) - U.K. stocks were moving lower on Monday, with banks and miners pacing the decliners, as investors awaited more clarity on U.S.-China trade talks.

U.S. President Donald Trump said he didn't need a trade deal with China before the 2020 election, fueling pessimism about the prospect of a trade truce between the world's two largest economies.

The collapse of Thomas Cook helped lift shares of travel operators and airline companies, helping limit the downside to some extent.

The benchmark FTSE 100 was down 46 points, or 0.63 percent, at 7,298 after declining 0.2 percent on Friday.

Miners Anglo American, Antofagasta and Glencore fell 3-4 percent while Lloyds Banking Group lost 2.9 percent, Barclays declined 2 percent and HSBC Holdings dropped 1.4 percent.

Marks & Spencer Group shares slumped 4.3 percent. The company announced that Humphrey Singer, Group Chief Financial Officer, has decided to leave the business and a succession process is now underway.

TUI jumped 6.6 percent, EasyJet rallied 4.2 percent and Ryanair Holdings advanced 1.5 percent on expectations that they will benefit from the Thomas Cook bankruptcy.

AstraZeneca gained 0.7 percent after it secured approval from European Union regulators to market Qtrilmet tablets.

Sports Direct International edged down slightly after it made a possible cash offer of 5 pence per share for the entire share capital of Goals Soccer Centres.

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

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