News: RIO Britain's FTSE dips as fresh trade war fears rattle global markets

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• FTSE 100 down 0.9 pct
• Oil prices retreat
• Financials biggest drag
• Countrywide tumbles 22 percent

British shares retreated in pace with other European stock markets on Monday as investors took note of the bearish sentiment caused by the escalating trade dispute between the United States and China.

The FTSE 100 .FTSE was down 0.9 percent by 0920 GMT, with financials, energy and material stocks weighing on the British blue chip index.

"It does seem to us that the time has probably come whereby all things very exposed to global trade flows will begin to underperform perhaps quite sharply," wrote Neil Campling, co-head of the global thematic group at Mirabaud Securities.

The Wall Street Journal reported that U.S. President Donald Trump plans to bar many Chinese companies from investing in U.S. technology firms and block additional technology exports to China.

Micro Focus MCRO.L suffered the worst individual performance with a 3.8 percent fall as Europe's tech sector .SX8P took a hit from the trade spat.

Financials were the biggest drag for the index with HSBC HBA.L , Prudential PRU.L and Lloyds LLOY.L down 1.8 percent, 1.5 percent and 1 percent respectively.

Heavyweights BP BP.L and Royal Dutch Shell RDSa.L were down 1.6 percent and 0.7 percent as oil prices gave back gains made on Friday following an output agreement between major oil exporters.

Miners Glencore GLEN.L , Rio Tinto RIO.L and BHP Billiton BLT.L were down between 1.3 percent and 1.6 percent with Mike van Dulken and Artjom Hatsaturjants at Accendo Markets noting "weaker commodities providing a hindrance to FTSE Energy and Mining names".

Among smaller stocks, Britain's largest estate agent Countrywide CWD.L tumbled over 22 percent after it lowered its half-year adjusted core earnings forecast, citing a sluggish market, and said it plans to issue more equity to cut debt.

British serviced office provider IWG IWG.L jumped 2.8 percent after it said it was evaluating a possible cash offer from private equity firm Terra Firma.

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