Britain's FTSE 100 inches down, trade tensions hit Rolls Royce

  • Reuters
  • Stock Market News
Britain's FTSE 100 inches down, trade tensions hit Rolls Royce
Credit: © Reuters.

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* FTSE 100 down 0.2 pct

* FTSE 250 down 0.1 pct

* Rolls Royce slips as U.S. proposes tariffs on EU goods

* Exporters take a hit as pound firms

April 9 (Reuters) - London's main share index lost ground on Tuesday as Rolls Royce weakened after the U.S. proposed a list of EU goods for retaliatory tariffs, while investors awaited updates on a postponement of Britain's exit from the EU.

The FTSE 100 .FTSE was down 0.2 percent with losses across the board and the FTSE 250 .FTMC was down 0.1 percent at 0725 GMT.

Rolls Royce RR.L gave up 1.1 percent after the U.S. Trade Representative Robert Lighthizer announced a proposal to impose tariffs on a list of European Union products as retaliation for EU aircraft building subsidies.

The proposed list, which ranges from large commercial aircraft and parts to dairy products and wine, is a retaliation against over $11 billion worth of damage to U.S. industry from EU subsidies to Airbus AIR.PA , Lighthizer said. sterling rose on hopes that Britain would avoid a disorderly no-deal Brexit, with Prime Minister Theresa May due to meet German Chancellor Angela Merkel and French President Emmanuel Macron.

Parliament passed a law on Monday that gave lawmakers the power to scrutinise and even make legally binding changes to May's request to extend the Article 50 negotiating period again. that have a greater international presence and earn a big share of their profits in the U.S. dollar took a hit as the pound firmed.

AstraZeneca AZN.L , GlaxoSmithKline GSK.L and British American Tobacco BATS.L fell in early deals.

In midcaps, bus and rail company Go-Ahead Group GOG.L and environmental infrastructure firm Pennon Group PNN.L both slipped 2 percent after rating cuts. is a definite sense of caution which is keeping traders subdued as they shift their focus towards a busy second half to the week," said London Capital Group analyst Jasper Lawler.

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