Burberry weighs (Il Sole 24 Ore Radiocor) - London, 24 Jul - Shares in London closed flat to lower as upbeat data was offset for concerns over a global economic slowdown.

The UK's purchasing managers' index (PMI) for the manufacturing sector rose to a 24-month high of 51.8 from 50.9 in June, while the services sector PMI grew to a a two-month high of 52.4 from 52.1; and the composite output index increased to 52.7 in July from 52.3 the previous month, also reaching a two-month high.

However, preliminary PMI data showed a slowdown in activity in both the eurozone and the US.

Disappointing earnings from large US tech companies and regional European lenders also weighed on sentiment.

Banks were mostly lower with Standard Chartered closing 0.44% lower at 721.40 pence, and Barclays and HSBC losing 0.91% at 228.40 pence and 0.47% at 663.00 pence, respectively.

Among individual stocks, Burberry lost 2.06% at 704.60 pence following downbeat earnings from French rival LVMH.

The London FTSE 100 closed down 0.17% at 8,153.69 points.

AAA-Zap

(RADIOCOR) 24-07-24 18:16:45 (0711) 5 NNNN