Steady pound, growth worries pressure FTSE 100; Galliford jumps

Credit: REUTERS/PETER NICHOLLS

UK blue-chip shares slipped on Tuesday, as a second set of disappointing data from China this week cemented fears of a slowdown in global economic growth, while gains in the pound amid fading no-deal Brexit worries hit multinational stocks.

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FTSE 100 down 0.4%, FTSE 250 flat

Galliford climbs after deal talks

Strong pound drags exporter stocks

Sept 10 (Reuters) - UK blue-chip shares slipped on Tuesday, as a second set of disappointing data from China this week cemented fears of a slowdown in global economic growth, while gains in the pound amid fading no-deal Brexit worries hit multinational stocks.

The FTSE 100 index .FTSE dipped 0.4%, having suffered its worst day this month in the last session, with equipment rental giant Ashtead AHT.L falling 3% after in-line results.

The more domestically-focussed index of midcaps .FTMC was flat by 0705 GMT, supported by a 22% jump in Galliford Try GFRD.L after the construction company said it had restarted preliminary talks to sell its residential units to housebuilder Bovis Homes BVS.L.

Sterling was seen close to a six-week high it hit on Monday after parliament passed a bill blocking a no-deal Brexit, weighing on British American Tobacco BATS.L and Diageo DGE.L as strength in the local currency meant the value of their U.S. earnings would be lower.

(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)

((muvija.m@tr.com; within UK +44 20 7542 1810, outside UK +91 80 6749 3638;))

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