Global trade uncertainty, Brexit drag British shares lower

  • Reuters
  • Stock Market News
Global trade uncertainty, Brexit drag British shares lower
Credit: © Reuters.

* FTSE 100 down 0.7%, FTSE 250 down 1%

* Global trade, Brexit worries hit British indexes

* TUI falls after Barclays (LON: BARC ) study on holiday preference

* Mitchells and Butlers surges after results

May 23 (Reuters) - Shaky investor sentiment after China warned of difficult times ahead due to its trade dispute with the United States led Britain's FTSE 100 into the red, while mounting Brexit worries sank the pound and hit the mid-cap index.

The FTSE 100 .FTSE was down 0.7% and the FTSE 250 .FTMC lost 1% by 0725 GMT.

Financials .FTNMX8350 and mining shares .FTNMX1770 were among the biggest drags on the main index as the unresolved trade tensions took their toll, while oil majors also weighed. O/R

A study by Barclays showed that more Britons would opt for "staycations" this year over heading for trips abroad, potentially hurting tour operators.

As a result, shares of TUI TUIT.L and easyJet EZJ.L shed more than 2.5% to be among the biggest blue-chip fallers. FTSE 250 struggled as the local currency was depressed after Prime Minister Theresa May's new Brexit gambit backfired, fuelling further calls for her to quit. GBP/

Still, mid-cap pub operator Mitchells and Butlers MAB.L jumped nearly 8% on course for its best day in almost two years, after robust half-year results.

Serco SRP.L also added 7.7% after saying it would buy U.S. Navy supplier Alion's Naval Systems Business Unit.

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