London's FTSE 100 falls amid broader declines as investors cautious ahead of US data
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FTSE 100 down 0.4%, FTSE 250 off 1.2%
Investment banking and brokerage, personal goods sectors lead declines
U.S. payrolls data on tap
Aug 2 (Reuters) -London stocks inched lower on Friday amid broader declines as investors were cautious ahead of a crucial jobs report in the United States, while an uptick in commodity prices helped limit losses.
The blue-chip FTSE 100 index .FTSE was down 0.4%, after logging its worst day in more than three months on Thursday. The mid-cap FTSE 250 index .FTMC was off 1.2% by 0712 GMT.
Both indexes are, however, on track to log weekly gains on upbeat corporate earnings.
U.S. nonfarm payrolls data is on the radar and follows Thursday's weak manufacturing data that stoked fears of an economic slowdown and weighed on investor sentiment globally.
In London, investment banking and brokerage stocks .FTNMX302020 declined 1.8% after a 1.1% loss in the previous session.
Personal goods .FTNMX402040 like Burberry BRBY.L fell more than 1% after Italian peer Salvator Ferragamo SFER.MI reported a 41% decline in its first-half operating profit.
On the brighter side, precious metal miners .FTNMX551030 gained 0.7% as gold prices firmed on safe-haven demand and the prospect of a September cut in the U.S. GOL/
Banks .FTNMX301010 extended their declines from the previous session with a 0.8% loss. The sector had logged its worst day since February 2022 on Thursday on a quarter point rate cut by the Bank of England and as French lender Societe Generale SOGN.PA cut its guidance for retail net interest income.
The British central bank delivered its first interest rate cut since 2020 on Thursday, bringing it down from a 16-year high, but said it would be cautious towards further cuts.
IAG Group ICAG.L climbed 3.85% to top the FTSE 100 after the British Airways owner terminated its proposed takeover of Spain's Air Europa, citing regulatory environment concerns.
Reporting by Purvi Agarwal in Bengaluru; Editing by Mrigank Dhaniwala
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