M&S hit by job cuts report as oil drags FTSE lower

The FTSE 100 dipped on Monday, with energy stocks tracking a decline in oil prices on concerns about the global spike in COVID-19 cases, while Marks and Spencer slid after a report it was planning to cut hundreds of jobs.

The FTSE 100 dipped on Monday, with energy stocks tracking a decline in oil prices on concerns about the global spike in COVID-19 cases, while Marks and Spencer slid after a report it was planning to cut hundreds of jobs. The retailer, one of Britain's best known high street names, fell 2.1% as Sky News said it planned to announce the cuts this week.

The commodity-heavy blue-chip index was down 0.8%, with BP Plc and Royal Dutch Shell Plc among the biggest drags. The mid-cap FTSE 250 shed 0.4%, led by financials, consumer discretionary, and real estate stocks.

Stock markets in Europe also kicked off the week on a glum note with EU leaders still negotiating the terms of a coronavirus recovery fund after three days of haggling over the plan.