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Economic Slowdown Fears Pull FTSE 100 Lower

  • FTSE 100 down 0.6%, FTSE 250 off 0.8%

June 29 (Reuters) - UK's top share index slipped from two-week highs on Wednesday, echoing sharp losses in Asian equities and Wall Street overnight, as weak U.S. consumer confidence data revived fears about a recession in the world's largest economy.

The blue-chip FTSE 100 index dropped 0.6% by 0704 GMT, on track to snap a three-day gaining streak, while the domestically focussed mid-cap FTSE 250 fell 0.8%.

Industrial metal and mining stocks were among the worst hit, down 1.3%, as copper prices slipped after downbeat U.S. consumer confidence data and prospects of rapid rate hikes to control a surge in inflation fanned fears of a global economic slowdown.

Miner Anglo American and spirits maker Diageo fell 2.8% and 2.4%, respectively, after Deutsche Bank cut ratings for both companies.

However, oil majors such as Shell and BP edged higher even as crude prices remained under pressure.

Reporting by Boleslaw Lasocki in Gdansk; editing by Uttaresh.V

Source: Reuters

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