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FTSE 100 Retreats As Pound Extends Gains

U.K. stocks fell on Tuesday as the pound advanced further against rivals on hopes for a Brexit deal and after the release of employment data.

European Union chief negotiator Michel Barnier said on Monday that a Brexit deal was "realistic in six to eight weeks".

Data from the Office for National Statistics revealed today that the U.K. unemployment rate remained unchanged at 4 percent in three months to July, the lowest since 1975.

The number of unemployed decreased by 55,000 from previous three months to 1.36 million.

The benchmark FTSE 100 was down 50 points or 0.68 percent at 7,228 in opening deals after finishing marginally higher in the previous session.

Mining stocks were moving lower, with Antofagasta, Glencore and Anglo American losing 1-2 percent.

JD Sports Fashion, a retailer of sport, fashion and outdoor brand, rose half a percent after delivering record first-half earnings.

Cairn Energy slumped 4.7 percent after it slipped to a pre-tax loss in the first half of the year.

Ashtead Group rallied 3.5 percent. The industrial equipment rental company expanded its share buyback program and boosted its full-year profit outlook, citing a weak pound and a recent acquisition.

by RTTNews Staff Writer

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