Trade dis­pute con­cerns sees Foot­sie lower

Mar­ket re­port

The Scotsman - - MARKETS - Perry Gourley

The US- China trade dis­pute con­tin­ued to weigh on in­vestors with the FTSE 100 end­ing the week just in the red.

Lon­don’s top flight de­clined by 4 points to 7,203.29 points af­ter a feel­good start to trad­ing across Euro­pean mar­kets quickly wore off.

A dis­ap­point­ing start to Uber’s first full day of trad­ing in the US also saw its shares slip be­low the $ 45 launch price.

David Mad­den, mar­ket an­a­lyst at CMC Mar­kets UK, said: “Eq­uity mar­kets are largely in pos­i­tive ter­ri­tory, but they are all edg­ing lower, as the feel­good fac­tor in re­la­tion to the US- China trade sit­u­a­tion is start­ing to wear off.

“The bounce in Asian mar­kets overnight in­flu­enced Euro­pean deal­ers, and now that it is dawn­ing on in­vestors that the US- China stand- off is far from over, and things are likely to get worse be­fore they get bet­ter.” Shares jumped at Bri­tish Air­ways owner Internatio­nal Con­sol­i­dated Air­lines Group ( IAG), de­spite re­veal­ing its prof­its were hit by rock­et­ing fuel costs and for­eign ex­change head­winds in the first quar­ter. Shares rose 9.3p to 498.6p.

Ho­tel firm Mil­len­nium & Copthorne saw shares rise de­spite pres­sure on prof­its in the first quar­ter, as it was im­pacted by a pro­gramme of re­fur­bish­ments. It fin­ished up 4p at 444p.

Else­where, shares fell in B& Qowner King­fisher ahead of its first- quar­ter re­sults an­nounce­ment on Wed­nes­day.

Shares in RBS rose marginally af­ter out­go­ing boss Ross Mcewan re­vealed the lender is con­sid­er­ing two in­ter­nal can­di­dates to be­come its next chief ex­ec­u­tive. Shares in the state- backed bank rose by 0.7p to 232.9p.

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