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FTSE 100 falls with Burberry hit by China devaluation FTSE 100 falls as yuan devaluation hits miners and Burberry
(about 3 hours later)
(Open): The London market opened lower, with shares in Burberry down following China's devaluation of the yuan. (Noon): The UK market was lower by midday, with shares in mining firms and fashion house Burberry down following China's devaluation of the yuan.
The surprise devaluation is set to make imports into China more expensive, hitting companies such as Burberry, for which China is a major market.The surprise devaluation is set to make imports into China more expensive, hitting companies such as Burberry, for which China is a major market.
Burberry shares fell 2.2% and the FTSE 100 dropped 34.99 points to 6,701.23. Burberry shares fell 2.7% and the FTSE 100 dropped 51.27 points to 6,684.95.
In the FTSE 250, shares in Serco rose 1.9% after half-year revenues at the outsourcing group fell by less than expected. Among mining companies, for which China is also a key market, BHP Billiton fell 3.3% while Glencore was 2.5% lower.
Revenues in the first six months of the year fell to £1.8bn from £2bn a year earlier. The company is attempting to revive its fortunes following problems with a number of failed contracts, including a scandal over tagging criminals. However, miners of precious metals saw their shares rise after the gold price hit a three-week high.
Shares in Just Retirement Group rose 1.7% after the company announced it had agreed to buy rival Partnership Assurance for £669m. Randgold Resources was the top riser in the FTSE 100, climbing 2.8%, while Fresnillo was 2.5% higher.
On the currency markets, the pound edged up 0.06% against the dollar to $1.5603, and dipped slightly against the euro to €1.4142. In the FTSE 250, shares in Serco reversed earlier gains to stand down 1.1%, after the outsourcing group said revenues in the first six months of the year fell to £1.8bn from £2bn a year earlier.
Serco is attempting to revive its fortunes following problems with a number of failed contracts, including a scandal over tagging criminals.
Shares in Just Retirement Group rose at first but then fell back to stand 1.7% lower after the company announced it had agreed to buy rival Partnership Assurance for £669m.
On the currency markets, the pound fell 0.1% against the dollar to $1.5576, and was down 0.2% against the euro at €1.4121.