London stocks pull back as investors turn cautious ahead of US-China talks
9 June 2025 16:40
LONDON (REUTERS) London's benchmark index slipped on Monday after rounding off four weeks of gains, as caution prevailed ahead of much-awaited US-China talks later in the day.The FTSE 100 was down 0.3%, while the mid-cap FTSE 250 was up 0.4%.Top officials from the US and China are scheduled to meet in London for talks that investors hope will indicate some progress in de-escalating trade tensions between the world's two biggest economies.The talks follow a phone call between the presidents of the two countries last week, in which they agreed to hold more talks amid a global trade war that has escalated from tit-for-tat tariffs to export controls.British finance minister Rachel Reeves will hold a meeting with Chinese vice premier, He Lifeng, without providing any details on the agenda.Most sectors were lower, with aerospace and defence stocks leading losses. They were down 0.9%, extending declines to a third session. Pharma stocks dipped 0.8%, as investors looked to book some profits.London stocks rounded off the previous week with gains, after a US jobs report allayed concerns of an economic slowdown in the world's biggest economy, despite a US tariff roller coaster.Among stocks, WPP slipped about 2% to bottom the FTSE 100. The ad group said its chief executive officer, Mark Read, would retire by the end of 2025.Spectris soared 70% to top the FTSE 250 after the scientific instruments maker said it has received a takeover proposal from private equity firm Advent, valuing its shares at 37.35 pounds per share.Alphawave jumped 24% after US chipmaker Qualcomm agreed to acquire to semiconductor company for about $2.4 billion.
M&G Investments gained 1.7% as UBS upgraded the stock to 'buy' from 'neutral'.
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