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Chinese broadside weakens UK shares, miners hit

Published 05/29/2019, 03:26 PM
Updated 05/29/2019, 03:30 PM
Chinese broadside weakens UK shares, miners hit
UK100
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BATS
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BP
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SHEL
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AVV
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FTMC
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FTNMX551030
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ESKN
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100, FTSE 250 down 0.7%
* AVEVA, Stobart up among mid-caps after results
* Miners fall after two session of gains
* Oil majors weighed down by trade war worries

May 29 (Reuters) - London's FTSE 100 weakened on Wednesday
as an escalation in the China-U.S. trade conflict coupled with
tensions over budgetary rules between Italy and the European
Union hurt investors' appetite for risk across the board.
Both the main index .FTSE and the more
domestically-focussed midcap index .FTMC were down 0.7% by
0710 GMT.
China's Communist Party newspaper warned on Wednesday that
Beijing was ready to use its influence over the supply of rare
earths to strike back against the United States in an
increasingly bitter trade dispute. London's listed mining companies .FTNMX1770 , focused on
more traditional industrial metals and a large part of the blue
chip index, fell from one-month highs as worries about the trade
war's impact on global growth hit home.
Oil majors BP BP.L and Shell RDSa.L were also among the
top drags on the main index as oil prices sank globally.
British American Tobacco BATS.L fell 2.4%, a day after
data from Nielsen showed cigarette industry volumes deteriorated
in the four weeks to May 18.
Among a handful of gainers were support services group
Stobart STOB.L and industrial software company AVEVA AVV.L
that gained 5% and 1.3%, respectively, on the midcap index after
reporting full-year results.

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