U.K.’s blue-chip stocks finished in the red Monday after last week’s strong performance, with losses for consumer-goods heavyweight Reckitt Benckiser Group PLC pressuring the London market’s benchmark. The FTSE 100 was down 0.6% to end at 7,247.66. The index last week gained 2.9%, representing its strongest week since December 2016.The pound traded at $1.4001, down moderately from $1.4033 late Friday in New York. The yield on the 10-year gilt was recently up 2 basis points at 1.59%, according to Tradeweb. Yields rise when prices fall.
Check out: More investors looking to cut U.K. assets as Brexit uncertainty persists The U.K. market pulled back after rising in three consecutive sessions last week, taking part in
a global rebound for equities following an early-February meltdown that yanked the S&P 500 and other major benchmarks from record highs. Banking heavyweights HSBC PLC
and Barclays are among the companies expected to release financial updates in the coming days.
Reckitt Benckiser Group dropped 7.5% as the maker of Lysol, Clearasil and other consumer products posted flat like-for-like 2017 sales, although that was in line with guidance that had been revised downward over the course of the year. It was the FTSE 100’s biggest loser. Mining stocks were lower after the U.S. government late Friday said it’s considering tariffs to curb imports of steel and aluminumto protect national security. Among decliners, Fresnillowas off 2.8% and iron ore miner Rio Tinto shed 1.2%.
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