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


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

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