FTSE 100 watch: Footsie subdued as US-China trade worries return

Coca-Cola HBC share price surges as UBS lifts stance on group

FTSE 100 watch: Footsie subdued as US-China trade worries return

The UK benchmark index has slipped marginally lower this Tuesday, with the return of worries over the US-China trade relations weighing on sentiment. Coca-Cola HBC (LON:CCH) meanwhile has soared to the top of the FTSE 100 leaderboard, having benefitted from an upgrade at UBS.

FTSE 100 slips into the red

As of 12:30 GMT, the Footsie had lost 15.11 points to stand 0.21 percent lower at 7,020.89. Miners are weighing on the blue-chip index, tracking metals prices lower, after US President Donald Trump told the Wall Street Journal that he expects to move ahead with raising tariffs on $200 billion in Chinese imports. Antofagasta (LON:ANTO) is currently leading the sector lower, having given up 2.76 percent to 783.60p.

“The tussle between the two countries extends well beyond trade issues and is likely to endure, in our view,” Blackrock’s global chief investment strategist Richard Turnill said in a note, as quoted by Reuters.

Individual Footsie movers

In individual stock news, Coca-Cola HBC’s share price has surged 4.89 percent to 2,380.00p as UBS hiked its rating on the stock from ‘sell’ to ‘buy’. Proactive Investors quoted the analysts as saying that the blue-chip bottler had “organic sales growth at the top end of Staples, well balanced between volumes and price/mix”.

Intertek (LON:ITRK) has been another prominent FTSE 100 riser after posting a rise in revenue and reiterating its full-year forecast. The group’s shares are changing hands 2.22 percent higher at 4,749.00p.

TUI (LON:TUI) meanwhile has come under pressure, after smaller London-listed rival Thomas Cook (TCG) warned on profits. TUI’s share price is 3.54 percent lower at 1,205.80p, while Thomas Cook’s share price has tumbled 23.07 percent to 37.34p.

The FTSE 100 was 0.26 percent down at 7,017.80 points as of 12:50 GMT on Tuesday, 27 November 2018.

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