- FTSE 100 down 0.1%, FTSE 250 added 1.0%
- GSK down on failed late-stage study
- Joules falls on suffering sales
Nov 7 (Reuters) - The FTSE 100 index dipped in choppy trading on Monday as GSK led a fall in healthcare stocks and energy companies tracked declining oil prices, while its European peers rallied.
The blue-chip FTSE 100 fell 0.1%, while the mid-cap FTSE 250 was up 1.0% by 0951 GMT. The pan-European STOXX 600 index rose 0.4%.
Pharma stocks fell 1.0%, weighed by a 2.7% fall in GSK Plc as it said its blood cancer drug, Blenrep, failed the main goal of a late-stage study.
Energy stocks were off 0.7%, tracking crude prices that were hit as stringent COVID-19 curbs darkened demand outlook from China. METL/
"If you have a slow down in China, it implies a continuation of the supply chain issues and inflationary pressures," said Stuart Cole, head macro economist at Equiti Capital.
"It's a drag on global growth generally, and a source of negativity for any company that relies on China."
The FTSE 100 ended the previous week higher after the Bank of England indicated that interest rates would go up less in future than markets expect now, focus will now shift to a preliminary third-quarter GDP reading on Friday and the UK's budget plan next week.
"We have GDP data this week and the fiscal plan next week, which could be interesting in terms of how it shapes monetary policy going forward," added Cole.
Shares of Joules Group plunged 24.1% after the struggling British fashion retailer said its sales in the 11 weeks to Oct. 30 were lower than expectations as it discusses with its investors for a cornerstone investment in an equity raise for the company.
Flutter Entertainment jumped 3.9% after it said that the arbitrator was in favour of the firm's valuation of FanDuel at $20 billion, ending its legal battle with FOX corporation.
Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips and Shinjini Ganguli
Source: Reuters