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UK shares fall as slowdown fears sap risk appetite

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Britain’s commodity-heavy FTSE 100 tracked a decline in oil and mining stocks on Monday as hawkish central banks stoke recession worries, while investors await corporate results from Europe and the United States.

The benchmark FTSE 100 index was down 0.3% by 0705 GMT.

Oil majors Shell and BP declined more than 1% each, while miners fell 0.4%, tracking weakness in commodity prices on fears that an expected U.S. interest rate hike this week will dampen demand.

The domestically focussed mid-cap index slid 0.3%.

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In company news, SThree rose 4.5% after posting a 58% surge in its half-year operating profit, supported by strong hiring demand and as people move jobs in a competitive market.

Mobile and broadband group Vodafone slipped 0.4% after reporting a drop in first-quarter service revenue in its largest market, Germany, reflecting broadband and TV losses in the second half of its last financial year after regulation changes.

Serica Energy gained 2.4% after it rejected a revised merger proposal again from energy investment firm Kistos , which valued the British oil and gas group at nearly 1.2 billion pounds ($1.44 billion). Kistos fell 2.4%.

(Reporting by Bansari Mayur Kamdar; Editing by Vinay Dwivedi)

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