London's FTSE 100 edged lower on Monday, with AstraZeneca leading falls in healthcare shares, while gains in miners on hopes of policy stimulus in China limited declines.
added 2%, with oil prices rallying after top exporters Saudi Arabia and Russia announced supply cuts.
The UK's FTSE 100 posted a quarterly decline in the April to June period after reaching record highs earlier this year, with commodity prices volatile and still-high inflation prompting more monetary policy tightening. Meanwhile British two-year government bond yields rose to their highest since June 2008 on expectations of higher Bank of England rates.
"As interest rates rise, the market will increasingly fret about the likelihood of the UK economy slipping into negative growth, and this is likely to see earnings valuations lowered," said Stuart Cole, chief macro economist at Equiti Capital.Reporting by Shashwat Chauhan and Shristi Achar A in Bengaluru; Editing by Rashmi Aich and Jan HarveyShristi is a correspondent, part of the markets team reporting on the stock markets across U.S., UK, Canada, Europe and Emerging markets.
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