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Vodafone slumps on weak cash flow expectations
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Landsec up on strong key property valuation metric
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UK jobless rate rises unexpectedly
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FTSE 100 dips 0.3%, FTSE 250 gains 0.1%
May 16 (Reuters) - Britain's FTSE 100 erased earlier gains and closed lower on Tuesday, as losses in financial and energy stocks coupled with weakness in China-exposed firms weighed, while Vodafone Group shares tumbled after it forecast a big drop in fresh cash flow.
The blue-chip FTSE 100 dipped 0.3%, while the FTSE 250 midcap index eked out a meagre 0.1% gain.
Vodafone Group slumped 7.4% to become the top decliner on the FTSE 100 and post its worst day in two years after the company announced job cuts and forecast a 1.5 billion euro ($1.65 billion) decline in free cash flow this year.
China-exposed firms, like insurer Prudential and HSBC, fell 2.4% and 0.9%, respectively, after China's April industrial output and retail sales growth undershot forecasts, suggesting the economy lost momentum at the beginning of the second quarter.
"There's concern about the fact that the post pandemic snapback in China seems to be losing elasticity," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
"That is having a bit of a knock-on effect in the London market ... if there is weakness seeping through that doesn't necessarily bode well for demand."
Energy stocks fell 1.2%, tracking lower oil prices.
Miners of both industrial and precious metals slipped 1.0% and 1.3%, respectively, as global metal prices slipped.
British banks fell 0.7% after two straight days of gains.
The pound edged lower after data showed UK unemployment unexpectedly rose in the first quarter.
UK stock indexes have mostly traded in tight ranges this month weighed down by a slide in commodity-linked stocks amid concerns about a weak economic recovery in top consumer China and a U.S. debt ceiling deadlock.
Land Securities Group rose 2.4% after the real estate firm beat expectations on a key property valuation metric. (Reporting by Johann M Cherian and Shashwat Chauhan in Bengaluru; Editing by Sonia Cheema, Pooja Desai and Sharon Singleton)
