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06 Dec 2018 | 09:25

UK stocks drop amid fresh US-China trade concerns

UK stocks are falling sharply on Thursday morning, reflecting losses on the Asian markets, as the US-ordered extradition of Huawei's CEO from Canada to the US reignited concerns of a US-China trade war.

At 08:58, the benchmark FTSE 100 was down 1.71%, or 118.02 points, at 6,803.82.

Packaging company DS Smith slumped 2.45% despite reporting a 27% increase in pre-tax profit and as it said it was exploring opportunities for the sale of its plastics division.

Euromoney Institutional fell 0.94% after it said Thursday it had agreed to acquire The Deal, comprising BoardEx and The Deal, from parent company TheStreet, for $87.3m.

Retailer Ted Baker climbed 4.64% even as it reported a 0.2% loss in Group revenue over the last quarter, as wholesale sales slowed and the retail environment remained challenging.

Listed residential landlord Grainger added 1.02% after it said Thursday it had been shortlisted as one of three companies by Transport for London for a strategic private rented sector partnership to deliver around 3,000 homes for rent for Londoners on 10 identified sites around tube stations.

Insurer Beazley fell 1.29% as it announced flat year-to-date investment returns and estimated the cost of claims arising from the 2018 California wildfires were $40m, net of reinsurance.

UK regional real-estate investment trust Regional REIT slid 1.14% as it said on Thursday it had secured a new £36m secured 10-year refinancing facility.

C4X Discovery Holdings and e-therapeutics cliimbed 2.76% and 4.08%, respectively as they said Thursday they had identified novel approaches to drug targets for the potential treatment of Parkinson's Disease.

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