London markets were down on Monday, losing some of the advances made last week, with trading volumes potentially lower due to a U.S. holiday.
Investor concerns remain over trade negotiation progress between the U.S. and China. Meanwhile, consumer goods company Reckitt Benckiser Group PLC surged after posting results.
How are markets performing?
The FTSE 100
closed down 0.4% to 7,219.47, after finishing last week with a gain of 2.3%—the largest three-week point and percentage gain since July 15, 2016.
Meanwhile, the pound
rose to $1.2927 from $1.2892 late in New York on Friday.
What’s driving the markets?
U.S.-China trade negotiations will continue in Washington this week, fueling some hope that the two nations will soon reach a deal. However, investors are still concerned about the progress made on difficult issues such as Washington’s dissatisfaction over Chinese technology and trade policies.
U.S. markets will be closed on Monday for the President’s Day holiday.
What shares were active?
Reckitt Benckiser Group PLC
jumped over 5% after the consumer goods company announced a surge in annual revenue and profit after “broad-based growth” across key brands.
In banking, Barclays PLC
lost 0.9% after one of its biggest shareholders Tiger Global PLC reportedly sold its $1 billion stake in the U.K. bank. This can “hardly be described as a vote of confidence ahead of the release of its full year results later this week,” said Michael Hewson, chief market analyst at CMC Markets U.K.
Results from other U.K. banks are also expected to land this week, including Lloyds Banking Group
, which lost 0.2% on Monday and HSBC Holdings PLC
which dropped by 0.3%.
Meanwhile, Miners Fresnillo PLC
gained 1% and Antofagasta PLC
U.K.-listed chemical company Johnson Matthey PLC
rose by 0.6%.
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