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Burberry, commodity stocks drag FTSE 100 lower; inflation woes linger

Published 13/05/2021, 08:26
© Reuters.
UK100
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BP
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RDSa
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BRBY
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BT
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FTMC
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FTNMX551020
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* FTSE 100 down 1.3%, FTSE 250 off 0.8%

May 13 (Reuters) - London's FTSE 100 fell on Thursday,
dragged down by heavyweight commodity stocks and Burberry Group
after an underwhelming earnings update, while fears of a pickup
in inflation as the economy recovers hurt demand for equities.
The blue-chip index .FTSE slipped 1.3%, giving up the
previous session's gains. Luxury brand Burberry BRBY.L tumbled
8.1% to the bottom of the index after it reported a 10% drop in
annual sales, impacted by store closures and reduced tourism due
to COVID-19. Oil majors BP BP.L and Royal Dutch Shell RDSa.L , and
miners .FTNMX551020 were among the biggest drag to the index
on lower oil and commodity prices. O/R MET/L
The domestically focussed mid-cap FTSE 250 index .FTMC
declined 0.8%.
Globally, stocks slipped after a shocking rise in U.S.
inflation bludgeoned Wall Street and sent bond yields surging on
worries the Federal Reserve might have to move early on
tightening. MKTS/GLOB
BT Group BT.L , Britain's biggest broadband and mobile
provider, slid 4.2% after it reported a 7% fall in revenue and a
6% drop in adjusted earnings for the year to end-March, and
forecast adjusted revenue to be broadly flat this year.

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