FTSE 100 Drifts Lower In Cautious Trade

(RTTNews) - U.K. stocks are down in negative territory, losing ground after making a good upmove in the previous week. Investors, awaiting the outcome of a UK - European Union summit in London, are largely making cautious moves.

European Commission President Ursula von der Leyen and British Prime Minister Keir Stammer are likely to unveil a new defense and security pact, following the negotiators from the two sides reaching a deal to enhance ties between the two regions.

A downward revision in U.S. government's credit outlook by Moody's is weighing on sentiment.

The benchmark FTSE 100 was down 55.68 points or 0.64% at 8,628.88 at noon.

Pershing Square Holdings, Scottish Mortgage, Polar Capital Technology Trust, Segro, Land Securities and Ashtead are down 2 to 2.7%.

Antofagasta, Melrose Industries, Halma, BP, Compass Group, Intertek Group and Rio Tinto are also notably lower.

Fresnillo is gaining about 1.8%. EasyJet, Tesco, Vodafone Group, Imperial Brands, Endeavour Mining, Centrica, Convatec Group, Coca-Cola and Sainsbury (J) are up 0.4 to 1.3%.

Shares of Diageo Plc are up nearly 3%. The world's leading spirits company unveiled a $500 million savings plan. Budget carrier Ryanair is up 4.7% after signaling robust demand for travel this summer.