London’s main stock benchmark headed lower on Wednesday as renewed doubts over a U.S.-Sino trade deal and slumping crude-oil prices undercut global risk appetite.
How are markets performing?
The U.K.’s FTSE 100 UKX, -0.64% lost 0.7% to 7,349.84, after rising 0.3% on Tuesday.
The pound GBPUSD, +0.1100% rose 0.2% to $1.2748.
What’s driving the markets?
Renewed concerns over a U.S.-China trade deal tamped down enthusiasm for global equities. Trade-deal optimism had been building ahead of a Group of 20 meeting at the end of the month, but President Donald Trump admitted Tuesday he was “holding up” a deal between the countries.
Oil was the biggest losing sector in London as heavily weighed companies tracked sharp falls in U.S. CLQ19, -1.94% and Brent crude prices BRNQ19, -1.67% BRNQ19, -1.67% , down over 2% each. That was after a report showing higher U.S. inventories and ahead of a key government report on supplies data due later. BP PLC BP, +0.62% BP, -2.57% slid over 2%.
What stocks are active?
British American Tobacco PLC BATS, +3.42% shares fell over 4%. The tobacco giant said business continues to perform well in the first half of fiscal 2019 and that it is on track to deliver a good performance for the full year.
Read on Marketwatch