UPDATE 2-FTSE 100 dented by Wall St losses, plunge in ad firm WPP

Reuters

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    * FTSE 100 down 0.1%, FTSE 250 off 0.5%
    * But FTSE 100 notches third week of gains
    * LSE says Refinitiv costs and savings on track

 (Updates with market close)
    By Shreyashi Sanyal
    Aug 5 (Reuters) - Britain's FTSE 100 closed lower on Friday
as Wall Street slipped after strong jobs data raised fears about
faster U.S. interest rate hikes, but a weakening pound helped
the UK blue-chip index log its third consecutive week of gains.
    The FTSE 100  .FTSE  dipped 0.1%, with shares in WPP
 WPP.L , the world's largest advertising group, falling 8.8%
after its annual sales outlook failed to excite investors
expecting stronger forecasts.  urn:newsml:reuters.com:*:nL8N2ZH1AS
    The midcaps index  .FTMC  finished down 0.5% as the global
mood soured after a solid U.S. jobs report for July bolstered
the case for the Federal Reserve to press ahead with interest
rate hikes.  .N 
    Still, the FTSE 100 marked weekly gains as sterling came
under pressure after the Bank of England on Thursday warned of a
long UK recession even as it raised interest rates by the most
in 27 years.
    The index is home is several global companies that draw a
large part of their revenue overseas, so a weakening sterling
benefits the stocks. 
    The Bank of England (BoE) on Thursday raised its Bank Rate
by a half percentage point to 1.75% - the highest level since
late 2008 - in an attempt to control soaring inflation, but said
Britain would enter a recession at the end of 2022 and not
emerge until early 2024.  urn:newsml:reuters.com:*:nU8N1A4002
    "Central banks generally tend to soft soap when it comes to
bad news, however the frankness behind the BoE's economic
assessment was as dark as it could be," said Michael Hewson,
chief market analyst at CMC Markets UK.
    The FTSE 250 index, more exposed to the domestic economy,
posted a weekly decline of 0.5% as worries of slowing economic
growth weighed on shares of homebuilders, retailers and travel
and leisure firms.  
    The London Stock Exchange Group  LSEG.L  rose 1.6% after it
said its costs and savings targets for the integration of data
company Refinitiv were on track, and it was launching a 750
million pound ($911 million) share buyback.  urn:newsml:reuters.com:*:nL8N2ZH18Z

 (Reporting by Shreyashi Sanyal and Sruthi Shankar in Bengaluru;
Editing by Shailesh Kuber and Mark Potter)
 ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961
144 3740; Twitter: https://twitter.com/s_shreyashi;))
 
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