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FTSE 100 Drifts Lower As Trade War Escalates

U.K. shares fell sharply on Wednesday after the U.S. escalated its trade dispute with China and drugmaker Indivior warned of lower-than-expected sales and profits this year.

The benchmark FTSE 100 was down 95 points or 1.22 percent at 7,597 in late opening deals after closing 0.1 percent higher the previous day.

Indivior shares slumped 31 percent. The company expects fiscal 2018 net revenue and adjusted net income to be below previous expectations, because of recent U.S. market developments for SUBOXONE and early uptake levels of SUBLOCADE.

Glencore tumbled 4 percent. The commodity trader has set up a board committee to oversee its response to a U.S. probe into possible corruption and money laundering.

Security services firm G4S lost 2.8 percent after it presented 2017 segmental results reflecting new organization structure.

Luxury goods group Burberry shed 3.8 percent after releasing trading update for its first quarter.

Homebuilder Barratt Developments advanced 1.5 percent. The company expects fiscal 2018 profit before tax to be around 835 million pounds, higher than last year's 765.1 million pounds, driven by a strong end to the financial year and early progress on margin initiatives.

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