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Nov. 8, 2019, 9:38 a.m. EST

London stocks slip as commodity-related stocks, banks weigh

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By Barbara Kollmeyer, MarketWatch


Reuters
A coal truck passes others inside coal giant Rio Tinto's Hunter Valley operations.

The FTSE 100 was headed for a weekly gain of just over 1%, but stocks in London eased along with global equities Friday as investors appeared to take a more cautious view of U.S.-China trade progress.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +1.43%  slipped 0.4% to 7,378.01, after breaking a winning streak that stretched for five sessions. For the week, the index is up 1%, after the prior week’s 0.3% loss. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0228%  slipped 0.1% to $1.2808.

Enthusiasm for assets considered risky appeared to be replaced by a more cautious posture across global equities, with market participants assessing dual narratives on progress in Sino-American trade talks and reports of White-House infighting.

A day earlier global equities rallied on a report that the U.S. and China had agreed to roll back duties in stages, though comments later Thursday, that here was no formal agreement in place and the final decision would lie with U.S. President Donald Trump weighed on Asian equities, European stocks and U.S. stock futures.

The mining sector is particularly sensitive to developments on the trade front as China is a big user of those resources. Shares of heavily weighed Rio Tinto PLC /zigman2/quotes/202627887/composite RIO +1.39%   /zigman2/quotes/208934945/delayed UK:RIO +2.11%  slid 3%, while BHP Group PLC /zigman2/quotes/203323256/delayed UK:BHP +2.54%  dropped 1.8% and Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL +2.43%  fell 2.5%.

Energy names also came under pressure, with shares of BP /zigman2/quotes/207305210/composite BP +1.20%   /zigman2/quotes/202286639/delayed UK:BP +1.67% down over 1.2%. And heavily weighted banks were down, with HSBC Holdings PLC /zigman2/quotes/203901799/delayed UK:HSBA +1.74% /zigman2/quotes/203901799/delayed UK:HSBA +1.74%  falling 1%.

Among midcap companies, Beazley PLC /zigman2/quotes/209655690/delayed UK:BEZ +0.85%  led the gainers with an 8.7% jump, after the specialist insurer reported a sharp fall in 2018 profit owing to underwriting losses and lower investment returns, but said it sees a stronger 2019 on higher premium prices and interest rates.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,239.66
+101.81 +1.43%
Volume: 502,647
Dec. 6, 2019 5:00p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3138
-0.0003 -0.0228%
Volume: 0.0000
Dec. 6, 2019 4:59p
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 55.37
+0.76 +1.39%
Volume: 839,835
Dec. 6, 2019 6:30p
P/E Ratio
7.03
Dividend Yield
5.98%
Market Cap
$69.75 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,216.50 p
+87.00 +2.11%
Volume: 1.26M
Dec. 6, 2019 4:35p
P/E Ratio
6.92
Dividend Yield
7.33%
Market Cap
£68.46 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203323256/delayed
UK : U.K.: London
1,703.80 p
+42.20 +2.54%
Volume: 2.66M
Dec. 6, 2019 4:35p
P/E Ratio
12.99
Dividend Yield
6.18%
Market Cap
£86.16 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,068.00 p
+49.00 +2.43%
Volume: 2.20M
Dec. 6, 2019 4:35p
P/E Ratio
8.36
Dividend Yield
4.37%
Market Cap
£25.53 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 37.09
+0.44 +1.20%
Volume: 6.26M
Dec. 6, 2019 6:30p
P/E Ratio
26.18
Dividend Yield
6.58%
Market Cap
$124.49 billion
Rev. per Employee
$4.03M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
473.10 p
+7.75 +1.67%
Volume: 18.87M
Dec. 6, 2019 4:35p
P/E Ratio
26.25
Dividend Yield
6.61%
Market Cap
£95.20 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
561.90 p
+9.60 +1.74%
Volume: 13.08M
Dec. 6, 2019 4:35p
P/E Ratio
11.04
Dividend Yield
6.93%
Market Cap
£114.14 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
561.90 p
+9.60 +1.74%
Volume: 13.08M
Dec. 6, 2019 4:35p
P/E Ratio
11.04
Dividend Yield
6.93%
Market Cap
£114.14 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209655690/delayed
UK : U.K.: London
535.00 p
+4.50 +0.85%
Volume: 1.22M
Dec. 6, 2019 4:35p
P/E Ratio
23.03
Dividend Yield
2.22%
Market Cap
£2.81 billion
Rev. per Employee
N/A
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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