London stocks rise, but set for weekly loss as slowdown concerns mount

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

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  • FTSE 100, FTSE 250 add 0.6%

July 15 (Reuters) – Oil and defensive stocks lifted Britain’s FTSE 100 on Friday, although the index was set for a weekly loss, on concerns over aggressive interest rate hikes and a sharp slowdown in the economy. Chinese economy weighing on investors’ risk appetite.

The blue-chip FTSE 100 (.FTSE) gained 0.6%, with gains for oil majors and defensive stocks such as British American Tobacco and AstraZeneca (AZN.L) supporting the index.

The domestically focused FTSE 250 index (.FTMC) also edged up 0.6%. Yet both benchmarks were poised for weekly losses.

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London-listed shares of Rio Tinto (RIO.L) fell 1.7% after the global miner warned that labor shortages and soaring inflation would impact its profits in second semester. Read more

Their peers Anglo American and Glencore fell 1.9% and 0.7% respectively.

Burberry (BRBY.L) fell 4.9% after the luxury brand said its first-quarter same-store sales rose 1%, limited by COVID-19 lockdowns in China, its biggest market. Read more

Low-cost carrier EasyJet (EZJ.L) fell 2.9% after JP Morgan downgraded the stock to “underweight”.

Tonic maker Fevertree (FEVR.L) fell 31.5% after lowering its full-year profit forecast, citing worsening cost pressures and logistical issues. Read more

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Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips

Our standards: The Thomson Reuters Trust Principles.

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