UPDATE 1-Turkey and Russia tremors push FTSE 100 down


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    * FTSE 100 down 1 pct
    * Turkish currency crisis and Russian rouble slide weigh
    * Russian gold miner Evraz down 8.8 pct
    * Miners fall as metals slide on stronger dollar
    * FTSE 100 and sterling correlation weakens: https://reut.rs/2OkPhOi

 (Updates prices, adds details)
    By Helen Reid
    LONDON, Aug 10 (Reuters) - Anxiety over emerging market
assets sent Britain's FTSE 100 down on Friday as a currency
crisis in Turkey deepened and Russia's rouble extended losses,
dragging exposed stocks down. 
    The index  .FTSE  fell 1 percent, though it outperformed
Europe's STOXX 600 and Germany's DAX, which dropped 2.1 percent.
    The FTSE 100 fell despite a slide in sterling, which usually
supports the exporter-heavy index. The negative relationship
between the two has evaporated recently. https://reut.rs/2OkPhOi
    Many UK-listed companies derive a significant chunk of
revenues from emerging markets, and several Russian companies
are listed on the British stock market.
    Russian gold miner Evraz  EVRE.L  was the worst-performing
FTSE 100 stock, down 8.8 percent after broker VTB Capital
downgraded it and the rouble fell to its lowest since July 2016
on anxiety over a fresh round of U.S. sanctions.  urn:newsml:reuters.com:*:nL5N1V11P6
    Russia-exposed miners Polymetal  POLYP.L  and Kaz Minerals
 KAZ.L  fell 2.4 and 1.4 percent. 
    Smaller UK-listed stocks exposed to Turkey and nearby
emerging markets were also bruised.
    DP Eurasia  DPEU.L , a franchisee of Domino's Pizza  DOM.L 
which generates 68 percent of sales in Turkey, sank 14.4 percent
to the bottom of the small-caps index  .FTSC .
    Travel operators On The Beach  OTB.L  and Thomas Cook
 TCG.L , which sell package holidays to Turkey, fell 4.1 percent
and 1.9 percent respectively.
    Georgian lenders TBC Bank  TBCG.L  brought up the rear on
the FTSE 250, down 3.7 percent as the Georgian lari  GEL=  sold
    Emerging markets-focused asset manager Ashmore  ASHM.L 
tumbled 3.7 percent. 
    The Turkish lira's slide to record lows, as President Tayyip
Erdogan dismissed investors' concerns, sent tremors across other
emerging markets, with South Africa's rand falling to a six-week
low.  urn:newsml:reuters.com:*:nL5N1V11AF
    This weighed on South Africa-exposed bank Investec  INVP.L ,
whose shares fell 3 percent. Packaging firm Mondi  MNDI.L  and
miner Anglo American  AAL.L , also founded in South Africa,
tumbled 2.3 and 2.6 percent. 
    Emerging markets-focused lender Standard Chartered  STAN.L 
fell 1.9 percent. 
    "Whilst generally EM economies are much stronger than they
were 20 or 30 years ago you've still got some countries that are
a bit of a mess," said Peter Elston, chief investment officer at
Seneca Investment Managers. 
    "That's occasionally going to cause problems for the asset
class as a whole, as it is doing at the moment." 
    Miners were a big weight on the FTSE 100, with Anglo
American and Glencore  GLEN.L  falling 2.5 percent and 2.7
percent as copper prices fell on a stronger dollar.  urn:newsml:reuters.com:*:nL4N1V11YN
    Outside EM-driven moves, shares in engine maker Rolls-Royce
 RR.L  fell 3.7 percent after JP Morgan downgraded the stock to
    "Relative to other civil aerospace stocks we follow, we
think Rolls-Royce now offers investors a less attractive
risk-reward," JPM analysts wrote, arguing the firm is showing
deteriorating earnings quality.
    The FTSE 250  .FTMC  fell less sharply, down 0.7 percent
thanks to its less internationally exposed constituents. 
    "Mid-caps fell horribly following the (Brexit) vote, and
they've since made back everything they've lost and more, which
suggests they have been able to thrive in this post-ref vote
environment," said Seneca's Elston.
    However, he added, "earnings have been very mixed."
    Analysts have been cautious on mid-cap earnings, while the
index has been declining since a record high hit on June 14.

FTSE GBP correlation    https://reut.rs/2OkPhOi
Aug 10 FTSE 250 earnings expectations    https://reut.rs/2vzhOsu
 (Reporting by Helen Reid and Julien Ponthus; editing by Andrew
 ((Helen.Reid@thomsonreuters.com; +44 20 7542 0402;))
For related prices, Reuters users may click on - * 
 UK stock report      .L     
 FTSE index:          0#.FTS6  
 techMARK 100 index:  .FTT1X          FTSE futures:      0#FFI:  
 Gilt futures:        0#FLG:          Smallcap index:     .FTSC  
 FTSE 250 index:      .FTMC           FTSE 350 index:     .FTLC  
 Market digest:       .AD.L           Top 10 by vol:      .AV.L  
 Top price gainers:   .NG.L           Top % gainers:      .PG.L  
 Top price losers:    .NL.L           Top % losers:       .PL.L  
 * For related news, click on - *
 UK hot stocks:      [HOT and GB]     Wall Street:           .N 
 Gilts report:        GB/             Euro bond report  GVD/EUR 
 Pan European stock report:  .EU 
 Tokyo stocks:        .T              HK stocks:            .HK 
 Sterling report:     GBP/            Dollar report:       USD/ 
 * For company prices, click on - *
 Company directory:   UKEQ           By sector:           FTAX  
 * For pan-European market data, click on - *
 European Equities speed guide................  EUR/EQUITY  
 FTSE Eurotop 300 index...........................  .FTEU3  
 DJ STOXX index...................................  .STOXX  
 Top 10 STOXX sectors........................  .PGL.STOXXS  
 Top 10 EUROSTOXX sectors...................  .PGL.STOXXES  
 Top 10 Eurotop 300 sectors..................  .PGL.FTEU3S  
 Top 25 European pct gainers....................  .PG.PEUR  
 Top 25 European pct losers.....................  .PL.PEUR ))

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