FTSE falls for fifth day on Trump trade rhetoric, firm pound
London’s FTSE 100 fell for the fifth straight session on Wednesday, after U.S. President Donald Trump doused hopes of an imminent trade deal with China, while a stronger pound dragged shares of exporters.
The main bourse <.FTSE>, which has shed nearly 4% in just over four sessions, was down 0.2% due to a drop in miners <.FTNMX1770>, while exporters such as British American Tobacco <BATS.L> were hurt by pound’s <GBP=> strength. The mid-cap FTSE 250 <.FTMC> was flat by 0809 GMT.
Trump said on Tuesday that a trade agreement with Beijing might have to wait until after the U.S. presidential election in November 2020, leading to a sell off in equities and deepening FTSE’s recent slide.
AIM-listed shares of M&C Saatchi <SAA.L> tanked 43% to their lowest in more than a decade, after the advertising agency forecast lower annual profit, its second warning in less than three months.
(Content and photos syndicated via Reuters)