FTSE 100 retreats from two-week high on slowdown worries



(For a Reuters live blog on U.S., UK and European stock markets, click

or type LIVE/ in a news window)

* Lookers rise on upbeat profit outlook

* Anglo American, Diageo fall on Deutsche Bank downgrades

* Cyclicals lead losses

* FTSE 100 down 0.2%, FTSE 250 off 1.6% (Updates to close)

By Amal S and Boleslaw Lasocki

June 29 (Reuters) - Britain's top share index inched lower on Wednesday, as gains in healthcare shares were seen providing little support against growing concerns about a global recession. After falling as much as 0.8%, the blue-chip FTSE 100 index .FTSE recouped some losses to close 0.2% lower in choppy trading. The index touched a two-week high in the previous session.

"The FTSE is indicative of the markets at the moment - nobody knows what to do and there is no real conviction behind trading," said Stuart Cole, head macro economist at Equiti Capital. "We all know inflation is high, growth is at risk, interest rates are going higher, but we don't really know how things will pan out as the authorities react to all this."

Rising worries of an economic slowdown weighed heavily on cyclical stocks, while miner Anglo American AAL.L and spirits maker Diageo DGE.L dropped 1.7% and 2.8%, respectively, after Deutsche Bank cut its ratings for both companies.

Further losses were limited by gains in drugmakers AstraZeneca AZN.L and GSK GSK.L , boosting the broader healthcare sector .FTNMX201030 by 2.0%.

The index has dropped nearly 1% so far this year, but outperformed its global peers due to a large presence of resource-focused companies, which have benefited from a surge in energy and commodity prices. The British economy is struggling with the risks of recession and soaring inflation, which is nearing double-digit territory, while the Bank of England is expected to raise interest rates again in August.

Those fears have weighed on the FTSE 100 recently, with the blue-chip index tracking its worst quarterly performance since September 2020.

Meanwhile, Bank of England Governor Andrew Bailey said that the central bank had other options beyond being ready to act "forcefully" if needed to tackle inflation.

The domestically focussed mid-cap FTSE 250 .FTMC fell 1.6%, snapping a three-day winning streak.

United Utilities UU.L and National Grid NG.L rose 2.0% and 0.8%, respectively, after British energy regulator Ofgem proposed a 20.9 billion pounds ($25.48 billion) package to boost grid capacity.

Shares of Lookers LOOK.L jumped 3.2% after the automotive aftersales company hiked its full-year outlook on the back of vehicle shortages.
Reporting by Boleslaw Lasocki in Gdansk and Amal S in Bengaluru; Editing by Uttaresh.V, Sherry Jacob-Phillips and Alex Richardson

Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.

Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.

Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.

Gumagamit kami ng cookies para mabigyan ka ng mahusay na karanasan sa aming website. Magbasa pa o palitan ang iyong cookie settings.

Babala sa Risk: Maaaring malugi ang iyong kapital. Maaaring hindi nababagay sa lahat ang mga produktong naka-leverage. Mangyaring isaalang-alang ang aming Pahayag sa Risk.