London stocks slide as Japan data dents recovery hopes

London-listed stocks fell on Thursday as a plunge in Japanese exports dulled optimism around a speedy recovery from a coronavirus-induced economic slump, with investors also sifting through another mixed bag of quarterly earnings reports. The export-heavy FTSE 100 slipped 0.8%, taking the shine off strong gains earlier in the week as data showed Japan's April exports fell the most since the global financial crisis with the pandemic slamming demand for cars and industrial materials.

The mid-cap FTSE 250 shed 1%, snapping a four-day winning streak. Industrials, financials, and consumer discretionary stocks were among the biggest drags on the index in early trading. Car dealer and distributor Inchcape Plc slumped 5% to the bottom of the FTSE 250 after posting a 76% fall in its April revenue and saying the global economic impact of the lockdowns would be felt until 2021.

However, low-cost airline easyJet Plc jumped 2.7% as it said it would restart a small number of flights on June 15, becoming the latest airline to plan for the return of European travel by making face masks mandatory onboard.

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