U.K. stocks dropped Friday, with retailers and energy producers among those that lost ground, sending the London gauge of blue-chip stocks to its lowest close since late September. Equities also felt the weight of a rising pound. The FTSE 100 index slumped 0.7% to 7,432.99, the lowest close since Sept. 29, FactSet data showed. No sector managed a gain, while the health care and telecom sectors printed the biggest losses. On Thursday, the benchmark fell 0.6%. For the week, the London benchmark fell 1.7%,the
biggest such decline since mid-September. The index on Nov. 6 was driven up to a record close. The pound late Friday traded at $1.3203, up from $1.3137 late Thursday in New
York. The yield on the 10-year gilt rose 7 basis points to 1.34%. A tough week for retail stocks continued Friday, after the release of research that showed British consumer spending is slowing. Burberry fell 2.3%, with UBS downgrading its shares to neutral from buy. The stock on Thursday tumbled 10% after the British luxury goods retailer warned it doesn’t expect sales growth until fiscal 2021.
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