UPDATE 2-Trump tweet topples FTSE 100

Reuters

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    * FTSE 100 down 0.5%, FTSE 250 up 0.2%
    * Oil cos, banks biggest drags
    * Entertainment One jumps on $4 bln Hasbro bid
    * London markets will be shut on Aug. 26

 (Adds news items, analyst comment, updates to closing prices)
    By Muvija M and Indranil Sarkar
    Aug 23 (Reuters) - London's main share index handed back its
early gains to end lower on Friday after U.S. President Donald
Trump's tweeted "order" that U.S. companies shut operations in
China, which dragged internationally exposed miners and banks
into the red.
    However, a 32% jump in Peppa Pig owner Entertainment One
 ETO.L  after agreeing to be bought by U.S. toy maker Hasbro
 HAS.O  lifted the UK midcap index.
    The FTSE 100  .FTSE  shed 0.5% after enjoying a recovery for
most of the day, as a tweet from Trump about U.S.-China trade
just minutes before the closing bell sharply raised concerns
over international trade. 
    The FTSE 250  .FTMC  ended 0.2% higher. 
    Oil majors Shell  RDSa.L  and BP  BP.L  were the worst hit
after Trump said U.S. companies should "immediately start
looking for an alternative to China", after Beijing officials
earlier retaliated by imposing tariffs on $75 billion of U.S.
goods.
    Asia-focused financials and miners, who count on China as it
is the world's top metals consumer, were also weaker.
    Fears about how the trade dispute would affect the global
economy and the risk of an impending recession have put the main
index on track for its biggest monthly loss in four years.
    The FTSE 100's initial gains were brought on by U.S. Federal
Reserve Chairman Jerome Powell's reassurance that the central
bank will "act as appropriate" to keep the current economic
expansion on track.  urn:newsml:reuters.com:*:nL2N25J0QG
    "Powell kept the door open for further stimulus, but we will
not see it as quickly as markets may have initially expected,"
Oanda analyst Edward Moya said. 
    The FTSE 100 had been dragged into the red on Thursday when
the Fed's minutes showed divisions on future monetary policy,
while a rally in the pound hit blue-chip overseas earners.  
    Among individual stocks, Entertainment One shares surged to
a life high at 579 pence, surpassing the 560p a share deal
agreed with Hasbro in a sign that investors see a chance of a
counter offer.  urn:newsml:reuters.com:*:nL4N25J1VW
    Woodford Patient Capital Trust  WPCT.L , the listed fund run
by money manager Neil Woodford, tumbled to an all-time low after
the trust's administrator said it would cut the valuation of one
of its biggest holdings. The stock, however, clawed back some of
the initial losses to end down 1.4%.   

 (Reporting by Muvija M in Bengaluru
Editing by Arun Koyyur and David Holmes)
 ((muvija.m@tr.com; within UK +44 20 7542 1810, outside UK +91
80 6749 3638;))
 
(( 
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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