Burberry Falls Most on Report of Price Cuts as UK Stocks Retreat

LONDON, United Kingdom — UK stocks retreated in line with their European peers, extending their weekly decline, with energy stocks falling amid lower crude prices.

BP Plc and Royal Dutch Shell Plc contributed the most to losses among oil companies as crude trimmed a weekly gain. Burberry Group Plc slid 2.2 percent, for the biggest drop on the benchmark FTSE 100 Index, following a report that it cut prices in Hong Kong and China because of weakness in the British pound. Sports Direct International Plc rose 2.3 percent after saying it will buy back about 5 percents of its shares.

The FTSE 100 fell 0.3 percent to 6,841.03 at 8:08 a.m. in London. Shares yesterday capped their first back-to-back advances since mid-August.

The FTSE 250 Index of small-cap shares slid 0.4 percent today, after yesterday closing at its highest level since June 2015. The FTSE Small Capitalisation Index Ex Investment Trusts slipped 0.2 percent from a record. The regional Stoxx Europe 600 Index dropped 0.4 percent.

By Alan Soughley; editors: Cecile Vannucci and Alan Soughley.