FTSE 100 lower as Burberry shares slip

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Shares in London drifted lower in early trade, tracking losses seen in other European markets.

The benchmark FTSE 100 index was down 12.17 points at 7,513.59 shortly after trading began.

Shares in UK fashion brand Burberry fell 2% after HSBC cut its rating on the company to “reduce” from “hold”.

In the FTSE 250, shares in electrical appliances retailer AO World fell 6% after it warned of a significant slowdown in its UK business.

The company said “challenging” trading conditions seen in the second half of its 2016-17 financial year had continued into the current quarter.

AO reported a 17% rise in annual revenues, but full-year operating losses widened to £12m from £10.7m last year.

On the currency markets, the pound rose 0.2% against the dollar to $1.2933 and climbed 0.3% against the euro to 1.1498 euros.

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