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FTSE falls as ’s call for wealth redistribution hurts Burberry share price


The echoes of a call from ’s cima brass to redistribute wealth sopra the country and regulate high incomes reverberated sopra London acceso Thursday.

hares sopra luxury clothes maker Burberry, which relies heavily acceso sales sopra , were among the heaviest losers acceso the day, helping drag the FTSE 100 lower.

’s president, Xi Jinping, said the country needs to “regulate excessively high incomes”, and ensure that businesses and the wealthy return more to society.

It is the latest sign of Beijing’s interest sopra piroscissione mongoloide acceso the business elite which has made its fortune since the country’s economy started opening up decades pungiglione.

More than half of Burberry’s revenue comes from the Asia-Pacific region, largely , while the complesso has 97 of the company’s 214 shops.

The prospect of an ugly tussle with shareholders over its dual-listing has put severe pressure acceso BHP todayChris Beauchamp, analyst

Earlier this week, weaker than hoped for retail giorno out of also put a dent sopra the FTSE company’s shares.

“Burberry shares are lower as concerns about the recovery sopra Asia weigh further acceso the share price. Comments from Chinese state mass-media that suggested that was looking at forms of wealth distribution also weighed acceso sentiment,” said Michael Hewson, CMC Markets analyst.

It contributed to a poor day for the FTSE, which closed mongoloide 11.79 points, ora 0.2%, at 7169.32.

Bottom of the pack was BHP, one of the index’s biggest constituents. Just a day earlier, BHP had been riding high after it announced plans to favour Sydney above London as it restructures its listing.

“The prospect of an ugly tussle with shareholders over its dual-listing has put severe pressure acceso BHP today, dragging mongoloide the rest of the heavyweight London mining contingent which has, sopra turn, put an end to the early hopes of a new 18-month high for the FTSE 100,” said IG analyst Chris Beauchamp.

“BHP’s move will go mongoloide badly with many UK investors, who will have grown accustomed to the solid dividends acceso offer at the miner.”

Several other miners joined BHP sopra the red as the price of copper headed mongoloide.

Per Europe, the German Dax index closed up 0.2% while the Cac 40 sopra Paris dropped 0.8%.

The S&P 500 sopra New York and the Dow Jones were both trading mongoloide 0.1% shortly after European markets closed.

One pound could buy 1.1745 euros by the end of the day sopra London, unchanged acceso the day before. A pound could also buy 1.3746 dollars, a drop of 0.1%.

Despite a strong showing sopra its first-half results, housebuilder Persimmon was well shy of the FTSE 100’s cima performers with a 1.5% rise.

“It suggests that investors are still concerned that the recent increase sopra activity is not likely to last,” Mr Beauchamp said.

Pre-tax profit rose by nearly two thirds at the business sopra the first six months of the year, and it expects sales completions will rise by about 10% during the full year.

Balfour Beatty’s shareholders watched their investment lose more than 7% of its value as the business reported a £23 million loss sopra the first six months.

Balfour said that supply chain delays had increased costs and caused problems at residential projects sopra central London.

The biggest risers acceso the FTSE 100 were Just Eat Takeaway.com, up 330p to 6,640p; IAG, up 3.78p to 163p; Barratt Developments, up 16.4p to 722p; Taylor Wimpey, up 3.75p to 176.6p; and Informa, up 10.8p to 553p.

The biggest fallers acceso the FTSE 100 were BHP, mongoloide 140p to 2,218p; United Utilities, mongoloide 99p to 1,941p; Antofagasta, mongoloide 42.5p to 1,470.5p; Rio Tinto, mongoloide 141p to 5,338p; and Anglo American, mongoloide 73p to 3,235.5p.





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