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FTSE 100 drops as Just Eat rues Amazon backing rival, trade worries linger

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FTSE 100 drops as Just Eat rues Amazon backing rival, trade worries linger
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(Reuters) – British shares eased on Friday as investors paused after a week dominated by uncertainty over global trade and Brexit, while Just Eat tumbled after Amazon backed food delivery firm Deliveroo in a new funding round.

The FTSE 100 was down 0.3% after three sessions of gains, while the FTSE 250 edged 0.1% lower by 0710 GMT.

Online takeaway service Just Eat skidded 8.5% to the bottom of the main index after rival Deliveroo said it had gained Amazon’s backing in a new $575 million funding round.

The FTSE 100’s decline on Friday came as markets took stock of a plethora of news this week on Sino-U.S. trade relations, which were strained further after a volley of tariffs and Washington’s sanctions on telecom giant Huawei.

Worries over the impact of Britain’s departure from the European Union have also resurfaced. Budget airline easyJet, which has seen significant headwinds as a result, warned of lower revenue in the second half of the year.

But its shares rose 4.3%, after falling in the previous session on Thomas Cook’s profit warning, as it stuck to its annual forecast.

Metro Bank surged 19%, on course for its best day ever, after raising 375 million pounds of capital. The gain erased some of the near 70% slump this year which came after it disclosed an accounting error which led to a regulatory probe and a cash call.

(Reporting by Shashwat Awasthi and Muvija M in Bengaluru; Editing by Hugh Lawson)

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