Economy Shell, Fed disappointment hit FTSE 100; LSE outshines

Shell, Fed disappointment hit FTSE 100; LSE outshines

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Shell, Fed disappointment hit FTSE 100; LSE outshines

London’s FTSE 100 was knocked back on Thursday by a steep drop in Shell and scotched hopes of more U.S. interest rate cuts, even as LSE jumped after a $27 billion deal to buy Refinitiv and StanChart rose after profit beat.

The FTSE 100 index .FTSE dipped 0.5% by 0707 GMT. The midcap index .FTMC was down 0.3%, with a 9.4% results-driven rise in medical products maker Convatec (CTEC.L) keeping a lid on losses.

Shell (RDSa.L), the most valued company on the FTSE 100, fell 4.3%, was set for its worst day since December, as its second-quarter profit slumped to a 30-month low due to lower oil and natural gas prices and refining margins.

On the flip side, Standard Chartered (STAN.L) jumped 3.2% as investors focussed on strong results despite a warning on risks from the U.S.-China trade war. Barclays (BARC.L) added 2% after hiking its dividend.

London Stock Exchange (LSE.L) climbed 4% after agreeing to buy financial data provider Refinitiv in a deal that will transform the British company into a market data and analytics giant.

Thomson Reuters (TRI.TO), the parent company of Reuters, currently holds a 45% stake in Refinitiv.

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