FX.co ★ FTSE 100 Slips as Burberry, GSK Weigh on Index

London’s FTSE 100 slipped 0.1% to 10,560 on Friday afternoon, giving back earlier gains as a global sell-off in technology stocks pressured European markets. Even so, the index continued to outperform most regional benchmarks, helped by its relatively limited exposure to the technology sector. Burberry was the biggest laggard, dropping 5% after posting second-quarter earnings that came in slightly below expectations and cautioning that the conflict in the Middle East is weighing on tourist spending. GSK also dragged on the index, with its shares down 3.6%. On the political front, Andy Burnham was confirmed as Labour leader and is set to become prime minister on July 20. Investors are now focused on his cabinet selections, with Home Secretary Shabana Mahmood widely viewed as the leading candidate for Chancellor.