London Markets: FTSE 100 extends Trump-spurred drop as pound drives to highest in 7 months

U.K. blue-chips dropped sharply Thursday, with a pop in the pound above $1.30 for the first time in seven months accelerating an ongoing selloff prompted by troubles surrounding U.S. President Donald Trump’s administration.

The FTSE 100 index UKX, -1.32% fell 1.4% to 7,400.50, with only the utilities sector, considered as defensive, posting a minor gain.

The index was shoved to intraday lows as the pound climbed to $1.3047 after U.K. retail sales for April blew past expectations. A stronger pound puts pressure on foreign-denominated earnings made by multinational companies listed on the London benchmark.

The FTSE 100 on Wednesday fell 0.3%, the first loss in 10 sessions and a retreat from its record close of 7,522.03 logged Tuesday.

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