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FTSE 100 Modestly Higher In Cautious Trade

U.K. stocks edged higher on Monday, though underlying sentiment remained cautious after a Swiss nightclub and the U.K. city of Leicester reported clusters of virus outbreaks.

In an interview with the Mail on Sunday, Prime Minister Boris Johnson said that a return to austerity will be a mistake and he would spend tens billions of pounds to salvage the economy.

The benchmark FTSE 100 was up 11 points at 6,170 after edging up 0.2 percent on Friday.

Rio Tinto shares dropped half a percent. The mining giant and Turquoise Hill Resources have reached an agreement with the Government of Mongolia to domestically supply power to Oyu Tolgoi copper-gold mine through a state-owned coal-fired power plant at Tavan Tolgoi.

GlaxoSmithKline gained half a percent. The company announced the approval of a Japanese New Drug Application by the Ministry of Health, Labour and Welfare for Duvroq tablets for the treatment of patients with anaemia due to chronic kidney disease.

Drinks maker Diageo was moving lower after announcing it will pause paid advertising globally on "major social media platforms" beginning in July.

Shares of TUI AG surged 3.6 percent on reports that the travel company has seen a 50 percent week-on-week increase in bookings over the past week.

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