FTSE 100 ends lower on Burberry profit warning, US political worries

Reuters

FTSE 100 ends lower on Burberry profit warning, US political worries

2024 7월 15, 오후 4:21 GMT

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FTSE 100 down 0.9%, FTSE 250 off 0.1%

Burberry falls to 14-year low after profit warning

Robert Walters dips after fall in quarterly net fees

British CPI data on tap

Updated at 1558 GMT

By Purvi Agarwal and Roshan Abraham

July 15 (Reuters) - Britain's FTSE 100 closed lower on Monday, pressured by weaker commodity prices and U.S.political uncertainty, while shares ofluxury retailer Burberry plungedto a 14-year low.

The blue-chip FTSE 100 index .FTSE fell 0.85%, whilethe mid-cap FTSE 250 .FTMC dipped 0.1%. Both indexes snapped three sessions of gains.

Shares of Burberry BRBY.L dived 16% after the company named former Michael Kors boss Joshua Schulman as CEO, replacing Jonathan Akeroyd, and issued a profit warning.

The downbeat performance weighed on UK's personalgoods sector .FTNMX402040, which tumbled about 12% toits lowest levels since June 2010.

Industrial metal miners .FTNMX551020 dropped 1.5% as copper prices eased on weak demand prospects in top consumer China which faces slow economic growth, weak lending numbers and rising inventories. MET/L

"Weakness in China is always going to be a concern, particularly for resource stocks, which is bad news for the FTSE," said Fiona Cincotta, senior market analyst at City Index.

Political uncertainty in the U.S. sent jitters across global markets after an assassination attempt on Republicanpresidential candidate Donald Trump on Saturday.

UK consumer prices and producer prices data willbe in focus this week, as the Bank of England's next monetary policy decision inches closer.

BoE policymakerSwati Dhingra said British inflation was unlikely to rise sharply again and the central bank should bring down borrowing costs. Investors are pricing in just over 50% chances of a rate cut at the August meeting. 0#BOEWATCH

Across the Atlantic, Federal Reserve Chair Jerome Powell is expected to speak at 1630 GMT, kicking off a key week of commentary from Fed officials.

Reporting by Purvi Agarwal and Roshan Abraham in Bengaluru; Editing by Sherry Jacob-Phillips and Richard Chang

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