Economic news

London Stocks Retreat as Coronavirus, Brexit Doubts Weigh

UK stocks fell on Monday on concerns about the economic impact of new coronavirus-led business restrictions, with investors also booking profits ahead of a self-imposed UK deadline for a Brexit deal with the European Union.

The export-heavy FTSE 100 slipped 0.5% and the mid-cap FTSE 250 retreated from four-month highs, led by aero, travel and leisure and financial stocks.

Data showed Britain’s unemployment rate rose by more than expected to 4.5% in the three months to August, even before the end of the government’s broad coronavirus job protection plan.

In company news, clothing retailer French Connection Group Plc tumbled 12.8% after posting a plunge in sales due to the coronavirus crisis in the first half of the year.

(Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur)

Source: Reuters


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