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FTSE 100 Retreats As Miners Drag

U.K. stocks fell on Friday as a fresh turmoil in Turkey as well as renewed fears of a trade war between the U.S. and China overshadowed upbeat GDP data for the second quarter.

U.K. economic growth doubled in the second quarter driven by stronger growth in both services and construction sectors, first quarterly estimate from the Office for National Statistics showed.

Gross domestic product rose 0.4 percent, matching expectations and faster than the 0.2 percent expansion seen in the first quarter.

U.K. industrial production also expanded in June after falling for three straight months. Output climbed 0.4 percent month-on-month, reversing a 0.2 percent fall in May. This marked the first increase in four months.

The benchmark FTSE 100 was down 57 points or 0.73 percent at 7,685 in late opening deals after declining half a percent on Thursday.

The pound held steady after reports that EU states are willing to grant major concession in Brexit deal following Theresa May's Chequers plan.

In addition, a survey found more people back a second Brexit referendum, if talks with Brussels break down.

Lender Barclays dropped 1 percent and Lloyds Banking Group shed half a percent on worries about the contagion effects of a dramatic fall in the Turkish lira, which fell more than 14 percent in early trade to hit a new low amid a deepening rift with the United States and intensifying worries about the state of the economy.

Miners Anglo American, Antofagasta and Glencore were down about 2 percent while energy firms BP Plc and Tullow Oil dropped around 0.7 percent each.

Budget carrier Ryanair Holdings declined 1.8 percent after grounding 400 flights amid a coordinated 24-hour workers strike.

Diageo was little changed after announcing it would start buying back up to
1.4 billion pounds ($1.79 billion) of its shares until Jan. 31.

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