London stocks slide as Trump threatens China

Michelle K. Wallace

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

(Reuters) – London-listed stocks fell on Friday as data showed the UK housing market was grinding to a halt, with sentiment also dented by U.S. President Donald Trump’s threat to impose new tariffs on China over the coronavirus crisis.

The FTSE 100 .FTSE was down 2.2% at 0706 GMT, wiping out much of the strong gains it had seen this week on signs of several countries easing lockdown measures.

The domestically focussed mid-cap index .FTMC fell 1.3%, as Trump said late on Thursday his hard-fought trade deal with China was now of secondary importance to the pandemic, with his administration crafting retaliatory measures over the outbreak.

British Airways operator IAG (ICAG.L) shed another 2.6% as details of its plans to cut staffing, including a quarter of its pilots, and weather the collapse in air travel under the coronavirus continued to seep out.

Overall trading volumes were thin as many markets elsewhere in Europe were closed for a May 1 public holiday.

Reporting by Sagarika Jaisinghani in Bengaluru; editing by Patrick Graham

Source Article

Next Post

Metals tycoon Gupta to close loss-making Commonwealth Trade Bank

FILE PHOTO: Liberty Steel’s Sanjeev Gupta smiles outside their newly acquired Liberty Steel processing mill in Dalzell, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne/File Photo LONDON (Reuters) – British commodities tycoon Sanjeev Gupta’s family business has decided to close its loss-making Commonwealth Trade Bank Ltd after failing to revive the […]