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FTSE 100 Drifts Lower After Six-day Rally

U.K. stocks were modestly lower on Wednesday after U.S. President Donald Trump's State of the Union address offered no plans to resolve a trade dispute with China.

Trump's insistence on a border wall also raised the prospect of another government shutdown.

The benchmark FTSE 100 was down 21 points or 0.30 percent at 7,156 in opening deals after rising as much as 2 percent the previous day.

Online supermarket Ocado slumped 6.3 percent after a huge fire swept through a robotic warehouse in Hampshire.

Housebuilder Redrow rallied nearly 2 percent as it reported record half-year earnings despite Brexit uncertainty.

Similarly, Barratt Developments jumped 3.3 percent after reporting strong first-half results.

CYBG shares surged 14 percent. After reporting a slight rise in lending in the first quarter of its 2019, the owner of Clydesdale and Yorkshire Banks said its net interest margin for 2019 would be at the upper end of its previous guidance range.

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