LONDON MARKETS: FTSE 100 Ends Lower As Trade-war Fears Persist
14 Marzo 2018 - 7:30PM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Analyst: U.S. markets drag down British stocks from their
session highs
U.K. large-cap stocks finished down slightly Wednesday, tracking
losses in the U.S. that came as trade-war fears helped send
industrial shares lower.
But gains for Prudential PLC and mining shares limited the
British market's loss. Miners rose after data showed China's
industrial production grew faster than expected in early 2018.
How markets are moving
The FTSE 100 index dropped 0.1% to close at 7,132.69, adding to
Tuesday's fall of 1.1% () and losing ground for a third session in
a row.
The pound bought $1.3956, down slightly from $1.3962 late
Tuesday in New York. Sterling on Tuesday leapt 0.4% against the
dollar.
What's driving markets
Reports late Tuesday said the White House is looking at imposing
up to $60 billion in tariffs on Chinese goods
(http://www.marketwatch.com/story/trump-reportedly-eyes-60-billion-in-tariffs-on-china-goods-2018-03-13),
stoking fears about a global trade war.
See:How investors can protect against a trade war -- in one
sentence
(http://www.marketwatch.com/story/how-investors-can-protect-against-a-trade-war-in-one-sentence-2018-03-14)
But the FTSE 100 got a boost as mining shares gained after the
Chinese industrial data, which signaled that China's economy
expanded faster than expected
(http://www.marketwatch.com/story/chinas-exports-fuel-surprise-growth-in-economy-2018-03-14)
in the first two months of 2018, as exports rose. China is a major
buyer of industrial and precious metals.
Stock movers
Among mining shares, Anglo American PLC (AAL.LN) rose 3.3% and
Antofagasta PLC (ANTO.LN) picked up 3.5%.
Prudential PLC (PRU.LN) leapt 5.1% after the financial services
company said it will spin off M&G Prudential
(http://www.marketwatch.com/story/prudential-to-demerge-mg-arm-2018-03-14).
Following that move, M&G Prudential will be an independent
provider of savings and investment services.
Wm. Morrison Supermarkets (MRW.LN) fell 4.9% even as the grocer
raised its final dividend to 4.43 pence a share
(http://www.marketwatch.com/story/morrisons-fy-profit-rises-does-special-dividend-2018-03-14)
and said fiscal 2018 pretax profit rose.
"Despite Morrison's making all the right noises, the share price
dropped in early trade, with investors opting to book profits after
a strong run up into the release," said Fiona Cincotta, senior
market analyst at City Index, in a note.
What strategists are saying
"U.S. markets have turned southward in early trading, dragging
down European and U.K. markets from their session highs," said
Chris Beauchamp, chief market analyst at IG, in a note.
The Dow Jones Industrial Average was firmly lower about halfway
through the U.S. session, led into the red by a sharp fall () for
aerospace giant Boeing Co.(BA) as trade-war fears persisted.
(END) Dow Jones Newswires
March 14, 2018 14:15 ET (18:15 GMT)
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