FTSE down, oils drag as U.S. sentiment weighs

Fri Jul 10, 2009 5:32pm BST
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* FTSE 100 down 0.8 pct

* Energy stocks weighed by falling oil prices

* U.S. consumer sentiment softens

By David Brett

LONDON, July 10 (Reuters) - UK blue-chip stocks ended a fourth consecutive week in negative territory on Friday as U.S. data heaped more gloom on the global economic outlook, with energy stocks weighing most on Britain's top share index.

The FTSE 100 .FTSE closed down 31.49 points, or 0.8 percent, at 4,127.17, for a weekly loss of 2.3 percent, its lowest closing level since April 28.

"The fundamentals haven't been all that encouraging today -- the U.S. trade balance has contracted further showing waning demand domestically," said Giles Lee, senior dealer at CMC Markets.

The U.S. trade gap narrowed unexpectedly to $26 billion in May to the lowest reading since November 1999 as exports rose in spite of weak global demand and imports shrank. [ID:nN10403474]

"The Michigan consumer confidence reading has plummeted whilst falling output prices in the UK are painting a bleak picture for domestic inflation in the months ahead."  Continued...

 
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