UK Stocks-Factors to watch on July 1



July 1 (Reuters) - Britain's FTSE 100 index .FTSE is seen opening lower on Friday, with futures FFIc1 down 0.4%.

* SHELL: Shell SHEL.L said on Thursday it had suspended plans to sell its onshore oil assets in Nigeria, complying with a Supreme Court ruling that said it had to wait for the outcome of an appeal over a 2019 oil spill. * SAKHALIN-2: Shares in Japan's Mitsui & Co 8031.T and Mitsubishi Corp 8058.T fell about 5% after Russia moved to create a new firm to take charge of the Sakhalin-2 oil and gas project in the country's far east. The two Japanese trading companies and Shell Plc SHEL.L hold just under a 50% stake in Sakhalin Energy Investment Co.

* VAT CUT: Britain has proposed a cut in value-added tax, or VAT, to help households with the cost of living, The Times reported on Thursday.

* OIL: Oil prices edged up in early trade, after sinking in the previous session as OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy.

* GOLD: Gold prices edged lower, and were on track for a third straight weekly decline, as aggressive monetary policies from top central banks and an elevated U.S. dollar kept investors away from greenback-priced bullion.

* METAL: Copper prices slipped and were set for their fourth consecutive weekly decline, as fast-rising interest rates and weak economic data stoked fears of a global recession, which would dent demand for metals.

* FTSE 100: London's FTSE 100 fell on Thursday and recorded its first quarterly drop since September 2020, as concerns grew that prolonged inflationary pressures would force central banks to act aggressively, leading to a global economic downturn.

* For more on the factors affecting European stocks, please click on:

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Reporting by Aby Jose Koilparambil in Bengaluru

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