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UK's FTSE 100 Kicks off Week on Grim Note; Miners Fall

  • Clarkson up on upbeat annual profit
  • Flutter, Aston Martin gains on PT raise
  • FTSE 100 down 0.2%, FTSE 250 flat

March 6 (Reuters) - UK's blue-chip FTSE 100 inched lower on Monday as miners slumped, following top metals consumer China's decision to set a modest growth target for the year, offsetting a strong performance by Ireland-based gaming company Flutter.

The export-oriented FTSE 100 fell 0.2% and the more domestically-focussed FTSE 250 was flat by 9:25 GMT.

The FTSE 350 industrial metals miners slid 2.4%.

Copper prices were in the red as top consumer China set a lower-than-expected gross domestic product target of 5%. Policy sources had recently told Reuters a range as high as 6% could be set.

"We've got a little bit of caution and we saw commodities a little bit lower because of that modest growth expectation from China which is impacting the general market mood at the start of the day," said Giles Coghlan, chief market analyst at HYCM.

In the previous week, both the large-cap and the mid-cap FTSE indexes had a strong run, as appetite for risk grew after data showed resilience in the domestic economy amid hopes that the Bank of England might come to the end of its monetary tightening cycle.

Meanwhile, U.S. bank Citi published a monthly survey by YouGov that showed the British public's expectations for annual inflation rose to 5.6% in February from 5.4% in January, and expectations for the long term also rose.

Flutter Entertainment Plc rose 2.4% and Aston Martin Lagonda Global Holdings Plc surged 17.8% on price target raises by brokerages.

AstraZeneca Plc said a mid-stage trial of its cancer drug Enhertu showed positive results for treating other tumours as well. However, the stock oscillated between gains and losses.

Clarkson Plc added 5.1% after the shipping services provider reported a strong annual profit.

Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips and Shailesh Kuber

Source: Reuters

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