U.K. blue-chip stocks finished with losses Monday, snapping a five-session win streak.The benchmark FTSE 100 had started higher alongside other global equity stock markets,
which were buoyed by Friday’s well-received U.S. jobs report. But mining shares proved a drag, as the industry wrestles with the prospect of U.S. tariffs on steel and aluminum.
The FTSE 100 index dipped 0.1% to end at 7,214.76, hampered by losses for the basic materials group. On Friday, the index rose 0.3% and finished last week higher by 2.2%,for its first weekly win in three weeks. The pound recently bought $1.3891, up from $1.3848 late Friday in New York. U.K. stocks, like European equities initially moved higher at the open, with investors apparently still in an upbeat mood after the latest U.S. monthly jobs figures. Global stock markets logged gains on Friday after February’s nonfarm payrolls report showed the U.S. economy added more jobs than expected, but wage growth missed forecasts. That signaleda healthy U.S. economy but eased fears that wages would
add to inflationary pressures. Many London-listed companies count the U.S. as a key market. But the FTSE 100 lost its grip on those initial gains, struggling to stay positive as mining stocks moved lower. Miners are feeling the weight of U.S. President Donald Trump’s order last week to impose protectionist tariffs of 25% for steel and 10% for aluminum. The mining group makes up about 87% of the weighting in the basic-materials sector on the FTSE 100. Deal news was on the radar in London, as Melrose Industries PLC raised its buyout offer for engineering company GKN PLC. Just Eat PLC shares dropped 0.9% after Deutsche Bank downgraded its rating of the online-food delivery services company to sell from hold.
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