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* FTSE 100 down 0.7%, FTSE 250 down 0.5%
June 8 (Reuters) - London’s FTSE 100 index opened lower on Monday, hurt by losses in AstraZeneca after a report that the drugmaker approached Gilead Sciences for a potential merger and a warning from an industry body about surging corporate debt.
The blue-chip FTSE 100 was down 0.7%, as AstraZeneca fell 1.8% following a Bloomberg News report on Sunday of a possible merger with U.S. rival Gilead to form one the world’s largest drug companies.
Finance industry body TheCityUK said over the weekend that about a third of the debt being taken on by British companies under the government’s emergency coronavirus lending plans could be unsustainable, raising the need for fresh capital from new investors.
The mid-cap FTSE 250 fell 0.5%, while oil and gas stocks jumped 2.9%, supported by higher crude prices. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)