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London stocks retreat as U.S.-China tensions weigh

Published 05/29/2020, 03:13 PM
Updated 05/29/2020, 03:20 PM
© Reuters.
UK100
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(For a live blog on European stocks, type LIVE/ in an Eikon
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* FTSE 100 down 0.9%, FTSE 250 off 0.8%

May 29 (Reuters) - UK shares fell for the first time this
week on Friday, as fears over Washington's response to Beijing
tightening control over Hong Kong overshadowed optimism about a
pickup in business activity with the easing of a
coronavirus-induced lockdown.
The blue-chip FTSE 100 .FTSE was down 0.9%, with BP Plc
BP.L and Royal Dutch Shell Plc RDSa.L among the biggest
drags, while the mid-cap FTSE 250 .FTMC shed 0.8% to snap a
nine-day winning streak.
Banks .FTNMX8350 tracked a decline in gilt yields as
investors fled to perceived safe-haven assets ahead of U.S.
President Donald Trump's news conference on China's move to
impose national security legislation on Hong Kong that has
raised concerns over its function as a global finance hub.
Building materials supplier SIG Plc SHI.L jumped 8.2% on
plans to raise 150 million pounds ($185.12 million) in new
equity with U.S. buyout firm Clayton, Dubilier & Rice (CD&R), as
it pointed to a bleak outlook after disappointing results.

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