UPDATE 2-FTSE falls nearly 2% as Trump puts off China trade deal hopes

* FTSE 100 down 1.8%, FTSE 250 down 1%
* Trump comments on trade deal with China weighs on
sentiment
* U.S. tariffs on Brazil, Argentina 'effective immediately'
* Pound rises as poll shows Conservative lead widened
* Centamin jumps on merger proposal

(Adds news items, graphic, updates share moves)
By Muvija M and Shashwat Awasthi
Dec 3 (Reuters) - London's FTSE 100 dropped to a two-month
low on its fourth day in the red on Tuesday, as U.S. President
Donald Trump's nonchalance about reaching a trade deal with
China spooked traders.
The blue-chip index .FTSE slipped 1.8%, while the midcap
FTSE 250 index's .FTMC fall was limited to 1% on the back of a
15% surge in miner Centamin CEY.L after Canada's Endeavour
Mining EDV.TO revealed a $1.9 billion buyout proposal.
Diversified miner Glencore GLEN.L was among steepest
fallers on the main board, tumbling 4% as investors were
unimpressed by an update on the company's priorities and
expected output. In a broad sell-off, every sector in the main index recorded
losses after Trump said an agreement with Beijing might have to
wait until after the U.S. presidential election in November
2020.
Asia-facing financial stocks, led by a 2.3% drop in HSBC
HSBA.L , and oil majors Shell RDSa.L and BP BP.L were among
those hardest hit due to the trade jitters.
"This insouciance about the prospect of putting off any deal
has completely upended market expectations that we were
potentially millimetres away from a deal, and also flies in the
face of the optimism that has seen markets rally strongly over
the last few weeks," CMC analyst Michael Hewson said.
The mood had already started to sour this week as
Washington's tariffs on steel and aluminium imports from key
Latin American trading partners and Trump's threat to slap
separate tariffs on France and the European Union rekindled
fears of global trade tensions. Reflecting that, the FTSE 100 is headed for its worst
monthly performance since August despite being just days into
the final month of the year.
On Tuesday, the bourse also underperformed its European
counterparts, with its dollar-earners falling further due to a
rise in sterling after a new poll showed the Conservative Party
widening its lead before an election next week.
Among midcaps, Centamin shares marked their biggest one-day
climb in four-and-a-half years even as the British firm rejected
Endeavour's takeover approach.
"We believe the Endeavour all-share merger proposal for
Centamin would provide the management and operational direction
Centamin has lacked for the past two years," Peel Hunt analysts
wrote.
In other news-driven moves, Cineworld CINE.L lost 4% after
the cinema chain warned on its annual trading performance.
= 0.7794 pounds)

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