The FTSE 100 Closes Down 0.4%, Diageo Slips on China's Brandy Probe

The FTSE 100 closed Friday down 0.4% to 7689 points, in a mixed day of trading among the global markets after solid U.S. employment data prompted a change in investor expectations about when cuts might take place, CMC Markets U.K. chief market analyst Michael Hewson says in a note. "Today's U.S. data has done little to make the economic picture clearer with a strong December payrolls report, followed by a weak ISM services survey," he adds. The blue-chip index was mainly dragged by energy-heavyweight Shell and Diageo, which saw its shares slip 1.5%, after China announced an anti-dumping probe into brandy from the European Union. Endeavour Mining led the list of top fallers, with shares down 6.9%, after the group said it had sacked its CEO for alleged misconduct, followed by IMI and RS Group, down 3.5% and 3.3%, respectively.

COMPANIES NEWS:

Clarkson to Post 2023 Profit Ahead of Market Views

Clarkson said it expects its full-year results for 2023 to be ahead of current market expectations following a strong fourth-quarter performance driven by its broking division.

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Revolution Bars To Close Eight Bars On Tough Macro Conditions

Revolution Bars Group said that it is closing some of its less profitable venues given tough macroeconomic conditions, despite reporting strong performance over the festive period.

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Ithaca Energy CEO Alan Bruce to Resign With Immediate Effect

Ithaca Energy said Alan Bruce will step down from his role as chief executive to pursue new opportunities.

MARKET TALK:

Diageo's Shares Hit by China's 'Anti-Dumping' Probe to European Peers

1012 GMT - Diageo's shares are among the FTSE 100 worst performers on Friday after being caught by a major sell-off in the drinks sector as China launched an 'anti-dumping' probe into European Union's brandy, AJ Bell investment director Russ Mould says in a note. "Anti-dumping is an import duty charged in addition to normal customs duty and can be levied when a foreign company sells an item significantly below their normal price," Mould says. The stock is currently trading at their lowest level since November 2022 as these concerns add to jitters over sales weakness in Latin America and the Caribbean reported at the end of last year, Mould notes. Shares are down 2.4%, and 25% over the past 12 months. ([e-mail])

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(END) Dow Jones Newswires

January 05, 2024 12:12 ET (17:12 GMT)

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