Banks lead FTSE 100 higher; airlines hit by Lufthansa warning

  • Reuters
  • Stock Market News
Banks lead FTSE 100 higher; airlines hit by Lufthansa warning
Credit: © Reuters.

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* FTSE 100 up 0.1%, FTSE 250 up 0.2%

* Banks top boost to main index

* Lufthansa's profit alert hurts airlines

* Babcock rises after confirming takeover bid

June 17 (Reuters) - London's main stock index inched higher on Monday in line with marginal gains across Europe, as rises in banking shares outweighed the impact of a profit warning from Germany's Lufthansa on airlines.

The FTSE 100 index .FTSE was up 0.1% by 0721 GMT, while the FTSE 250 midcap index .FTMC gained 0.2%.

With all eyes on Wednesday's U.S. Federal Reserve policy decision, the banking index .FTNMX8350 broke a four-day losing streak, led by Asia-exposed banks including HSBC HSBA.L and Standard Chartered (LON: STAN ) after Hong Kong's leader backed down over an extradition bill that has sparked mass protests. Airways owner IAG ICAG.L and easyJet EZJ.L both gave up around 3% on the main bourse after Lufthansa LHAG.DE cut its 2019 profit outlook due to competition from low-cost rivals in Europe. component Wizz Air WIZZ.L also dropped 4.4%.

Engineering services group Babcock BAB.L added 3.5% after the company confirmed a media report that it had received and rejected a highly preliminary takeover bid from rival Serco SRP.L earlier this year.

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