London markets were down on Monday, losing some of the advances made last week, with trading volumes potentially lower due to a U.S. holiday.
Investor concerns remain over trade negotiation progress between the U.S. and China. Meanwhile, consumer goods company Reckitt Benckiser Group PLC added close to 4% after posting results.
How are markets performing?
The FTSE 100
slipped 0.4%, after finishing last week with a gain of 2.3%—the largest three-week point and percentage gain since July 15, 2016.
Meanwhile, the pound
rose to $1.2911 from $1.2892 late in New York on Friday.
What’s driving the markets?
U.S.-China trade negotiations will continue in Washington this week, fueling some hope that the two nations will soon reach a deal. However, investors are still concerned about the progress made on difficult issues such as Washington’s dissatisfaction over Chinese technology and trade policies.
U.S. markets will be closed on Monday for the President’s Day holiday.
U.K. labor figures are scheduled to come out on Monday.
What shares were active?
Reckitt Benckiser Group PLC
jumped nearly 4% after the consumer goods company announced a surge in annual revenue and profit after “broad-based growth” across key brands.
In banking, Barclays PLC
lost 0.2% after one of its biggest shareholders Tiger Global PLC sold down its $1bn stake in the UK bank. This can “hardly be described as a vote of confidence ahead of the release of its full year results later this week”, Michael Hewson, chief market analyst at CMC Markets U.K. said.
Results from other U.K. banks are also expected to land this week, including Lloyds Banking Group
, which lost 0.1% on Monday and HSBC Holdings PLC which dropped by 0.3%.
Energy company Centrica PLC
led the FTSE 100’s top losers, dropping by over 1%.
Meanwhile, Miners Fresnillo PLC
gained 1% and Antofagasta PLC
U.K.-listed chemical company Johnson Matthey PLC
rose by 2%.
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