London stocks retreat on mixed earnings, Sino-U.S. tensions

London-listed shares fell on Friday as a batch of mixed quarterly earnings updates and souring U.S.-China relations dulled optimism about a post-pandemic economic recovery, with education firm Pearson sliding after posting a first-half loss. Fewer than 10 stocks on the index were trading higher.

London-listed shares fell on Friday as a batch of mixed quarterly earnings updates and souring U.S.-China relations dulled optimism about a post-pandemic economic recovery, with education firm Pearson sliding after posting a first-half loss. Pearson tumbled 2.7% to the bottom of the FTSE 100 even as is said it had seen a rebound in demand since June.

The blue-chip FTSE 100 was down 1.4% and on course for its biggest weekly decline in six. Fewer than 10 stocks on the index were trading higher. The mid-cap FTSE 250 shed 0.7%, with cyclical stocks including consumer discretionary, financial and industrial firms being among the biggest drags.

British Gas owner Centrica Plc jumped 26.4% to its highest in more than four months after it said it would sell its North American business Direct Energy to NRG Energy for $3.63 billion in cash.