FTSE 100 falls for sixth day in a row as consumer stocks weigh
FTSE 100 falls for sixth day in a row as consumer stocks weigh Updates to market close
Aug 17 (Reuters) - London stocks closed lower on Monday, with the FTSE 100 registering its sixth straight day of losses, as a slump in consumer sectors dragged the index lower.
The blue-chip FTSE 100 index .FTSE slid 0.3% to 10,720.30 points, closing at an over three-week low. The midcap FTSE 250 .FTMC fell 0.7% to 24,704.40 points, posting its biggest percentage drop in more than three weeks.
U.S. President Donald Trump said Iran should surrender to end a war with the United States after a senior Iranian official said Tehran would escalate tensions in the Strait of Hormuz and the wider region if diplomacy fails, further clouding the hopes for a peace deal.
Oil prices LCOc1, CLc1 edged higher, with Brent crude rising 0.5% to $89.02 on Monday. O/R
Traders will keep a close eye on UK job market data due on Tuesday and inflation data on Wednesday for further clues on the Bank of England's policy path.
"The longer we go without any sort of resolution, the more likely we are to see Brent crude oil test the $100 per barrel mark seen in recent months," said Dan Coatsworth, head of markets at AJ Bell. "It could mean any relief on inflation is temporary."
The FTSE 350 personal goods .FTNMX402040, beverages .FTNMX451010 and personal care, drug and grocery store .FTNMX452010 indexes fell between 1.9% and 2.7%, becoming top sectoral decliners.
British employers remained reluctant to hire and business confidence stayed near its weakest levels outside the COVID-19 pandemic, according to a survey published by the Chartered Institute of Personnel and Development.
Britain's sovereign credit rating was maintained at "AA-", with a stable outlook, by Fitch late on Friday.
AstraZeneca AZN.L rose 0.9% after the drugmaker said its Tagrisso-Orpathys combination and Daiichi Sankyo-partnered Enhertu met key goals.
Miners helped limit losses in the FTSE 100 index as gold prices firmed and copper hit a more than six-month high. Fresnillo FRES.L climbed 1.6% and Anglo American AAL.L added 2%. Rio Tinto RIO.L and Glencore GLEN.L gained between 1% and 0.9%.
Rolls-Royce RR.L climbed 1.5% after Morgan Stanley and Citigroup raised their price targets on the firm.
(Reporting by Anand Gopal and Medha Singh in Bengaluru; Editing by Joyjeet Das)
((AnandGopal.R@thomsonreuters.com))