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FTSE 100 falters amid subdued sentiment in London

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The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.

Mixed trading in Asia weakened sentiment in London, with the UK’s blue-chip index down 96.04 points, or 1.5%, at 6,189.9.

The French Cac 40 and German Dax indices fell 0.74% and 0.9% respectively as Covid-19 continued to spread in the US, where the Dow Jones was down nearly 1% by the London market close.

Russ Mould, investment director at financial services firm AJ Bell, said downbeat comments from America’s Federal Reserve, a new lockdown in Australia and spiralling US coronavirus had created “a more risk-averse mood”.

Shares in Whitbread – owner of Premier Inn hotels, and pub-restaurant chains Brewer’s Fayre and Beefeater – fell more than 5.5% to £23.05 after it said it was tapping into £1 billion it raised from shareholders a month ago in order to “withstand a long period of low revenues”.

It also reported a near 80% year-on-year drop in UK and German sales in the quarter to May 28.

Brent crude oil shook off Covid-19 fears to rise 0.3% rise to $43.20 per barrel, as of 7.15pm.

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