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FTSE 100 down 0.2%, FTSE 250 down 0.1%
Resources shares lead declines
Britvic surges after agreeing to Carlsberg’s sweetened bid
July 8 (Reuters) –London stocks slipped on Monday, weighed down by resources shares tracking a downtick in commodity prices, while investors awaited more clues on the monetary policy paths of major central banks.
The blue-chip FTSE 100 .FTSE was down 0.2% while the mid-cap FTSE 250 .FTMC was off 0.1% at 0717 GMT.
The midcap index had hit a more than two-year high in the previous session on optimism that the Labour Party’s win will boost the economy.
Precious .FTNMX551030 and industrial metal miners .FTNMX551020 fell 0.8% and 1.1%, respectively, tracking lower prices of gold and copper on profit-booking and lacklustre physical consumption in China respectively. GOL/ MET/L
Energy shares .FTNMX601010 fell 0.8% on a dip in oil prices as the prospect of a Gaza ceasefire deal eased geopolitical tensions, while investors assessed potential disruption to U.S. energy supplies from Tropical Storm Beryl. O/R
On the radar this week are crucial consumer prices index figures in the U.S. and gross domestic product numbers (GDP) at home, which could shed some more light on the future trajectories of interest rate cuts in the economies.
U.S. data on Friday showed a marginal slowing in June job growth and a rise in the unemployment rate, fuelling September rate cut hopes from the Federal Reserve.
With the UK election now behind, investor focus will return to data to gauge the Bank of England’s decision at its next meeting in August.
In corporate news, Britvic BVIC.L jumped 4.5% after the soft drinks maker said it has agreed to be taken over by Carlsberg CARLb.CO for a sweetened bid of 3.3 billion pounds ($4.23 billion).
The Danish brewer’s stock rose 3.9%, and the UK’s beverages sector .FTNMX451010 rose 0.6%.
Ocado OCDO.L topped the FTSE 250 with a 5.3% gain after the online supermarket boosted its partnership with Japan’s Aeon 8267.T with plans to build a third robotic warehouse.
Reporting by Purvi Agarwal in Bengaluru; Editing by Janane Venkatraman
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