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

  • Reuters
  • Stock Market News
Burberry, commodity stocks drag FTSE 100 lower; inflation woes linger

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* 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. 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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