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FTSE 100 Slips on Glum China Export Data, Lower Oil Prices

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The exportheavy FTSE 100 slipped on Monday as lower oil prices and glum export data from China took the shine off the boost from a weaker pound, while NetScientific jumped on a deal to globally sell a COVID19 test.

The FTSE 100 was down 0.1 by 0707 GMT, tracking a decline in other European indexes on caution around rising inflation and fears of a soonerthanexpected tightening in global monetary policy.

The midcap FTSE 250 was flat.

Mining stocks fell 1.0 as data showed Chinas export growth slowed more than expected last month due to disruptions caused by COVID19 cases at the countrys major southern ports.

Focus later in the morning will be on data on UK house prices, which are expected to have risen 1.2 in May following a 1.4 increase in April.

In company news, life sciences company NetScientific Plc surged 22 after saying one of its subsidiaries had entered an exclusive licensing agreement with AstraZeneca Plc to globally sell a COVID19 test.

Office space provider IWG slumped 16.8 as it said underlying core earnings for the current year would be well below the crisishit 2020 level due to continued lockdown restrictions in some markets.

Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Subhranshu Sahu

Source Reuters

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