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FTSE falls for fifth day on Trump trade rhetoric, firm pound

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By Reuters
FTSE falls for fifth day on Trump trade rhetoric, firm pound
FILE PHOTO: Traders looks at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)
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(Reuters) – London’s FTSE 100 fell for the fifth straight session on Wednesday, after U.S. President Donald Trump doused hopes of an imminent trade deal with China, while a stronger pound dragged shares of exporters.

The main bourse <.FTSE>, which has shed nearly 4% in just over four sessions, was down 0.2% due to a drop in miners <.FTNMX1770>, while exporters such as British American Tobacco <BATS.L> were hurt by pound’s <GBP=> strength. The mid-cap FTSE 250 <.FTMC> was flat by 0809 GMT.

Trump said on Tuesday that a trade agreement with Beijing might have to wait until after the U.S. presidential election in November 2020, leading to a sell off in equities and deepening FTSE’s recent slide.

AIM-listed shares of M&C Saatchi <SAA.L> tanked 43% to their lowest in more than a decade, after the advertising agency forecast lower annual profit, its second warning in less than three months.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Rashmi Aich)