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FTSE 100 Gives Up Early Gains

U.K. stocks gave up early gains to turn lower on Tuesday as the pound advanced after the release of unemployment data and the Trump-Kim summit ended with the signing of a joint statement that gave few details or specifics on how the goals set by both sides would be achieved.

The ILO jobless rate remained at 4.2 percent in the three months ended April, but down from 4.6 percent a year ago, the Office for National Statistics reported. This was the joint lowest since 1975.

There were 1.42 million unemployed people, 38,000 fewer than for November 2017 to January 2018 and 115,000 fewer than for a year earlier.

Investors also awaited U.S. inflation data as well as the Brexit vote in the House of Commons for further direction.

The benchmark FTSE 100 was down 19 points or 0.24 percent at 7,718 in late opening deals after climbing 0.7 percent the previous day.

Weaker copper prices pulled down mining stocks, with Antofagasta and Anglo American falling 1-2 percent.

British American Tobacco was marginally lower after releasing its first-half trading statement.

AstraZeneca dropped nearly 1 percent. The pharmaceutical firm announced that it will discontinue global clinical trials for lanabecestat, a treatment for Alzheimer's disease.

by RTTNews Staff Writer

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