Burberry, financials drag FTSE 100 lower

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London’s FTSE 100 edged lower on Monday, dragged down by losses in heavyweight financial and consumer discretionary stocks, while Burberry slipped to the bottom of the index after the resignation of its chief executive officer.

The blue-chip index fell 0.3%, with Burberry tumbling 8.1% after the luxury group said its CEO Marco Gobbetti would step down from the role to take up another opportunity in his native Italy..

Life insurers and banks fell 0.8% each and were among the biggest drags to the index.

The domestically focused mid-cap FTSE 250 index declined 0.2%.

Wizz Air, Ryanair Holdings, British Airways-owner IAG and Easyjet slipped between 1.5% and 2.4% after a report said Germany would attempt to ban British travelers from the European Union regardless of whether or not they have had a COVID-19 vaccine.

Globally, market sentiment was cautious due to a spike in coronavirus cases across Asia, while investors awaited a batch of global economic data including the U.S. non-farm payroll report on Thursday that could shape the Federal Reserve’s policy stance.

“Equity markets are in a state of ambivalence, they should find their footing as the week develops,” said Sebastien Galy, a senior macro strategist at Nordea Asset Management.

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“Expectations for the non-farm payroll (data) are relatively subdued given that we are in the process of re-opening the economy. A lack of surprise will comfort the market that tapering is only slowly coming.”

The FTSE 100 has gained 1.3% so far in June and is on track for a fifth straight monthly gain on expectations of a stronger economic recovery on the back of accelerating vaccine rollouts and ultra-loose monetary policies.

However, the FTSE 250 is set for its first monthly drop since January as Britain delayed its complete reopening on concerns over a recent spike in COVID-19 infections.

Among stocks, Informa rose 1.4% to the top of the FTSE 100 after Citigroup raised its price target on the event organizer’s stock.

(Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu)

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