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UPDATE 2-FTSE 100 ends best month since 1989 in a downbeat tone

Published 11/30/2020, 05:14 PM
Updated 12/01/2020, 01:20 AM
© Reuters.
UK100
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HSBA
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LLOY
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FTMC
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PETSP
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Lloyds falls after naming HSBC's Nunn as CEO
* Britain expects "very significant" week for Brexit talks
* Mid-cap index clock best month since 2009
* FTSE 100 falls 1.6%, FTSE 250 drops 0.7%

(Adds comments, update prices throughout)
By Shreyashi Sanyal
Nov 30 (Reuters) - London's FTSE 100 fell on Monday, but
recorded its biggest monthly gain in over three decades as
investors bet on a working COVID-19 vaccine to speed up an
economic recovery next year.
The blue-chip FTSE 100 .FTSE fell 1.6%, after clocking
gains of 12.4% in November, its best month since January 1989.
LLoyds Banking Group LLOY.L dropped 4.5% after appointing
Charlie Nunn, currently head of wealth and personal banking at
HSBC HSBA.L , as its next chief executive officer. The domestically-focused FTSE 250 .FTMC , considered a
barometer for Brexit sentiment, fell 0.7%, its best month since
the global financial crisis in 2009.
"There is a feeling in the markets that pharma companies are
closing in on the virus but there is still some way to go yet,"
said David Madden, market analyst at CMC Markets.
"It would appear that today's broadly bearish move in stocks
has been driven by profit taking from recent gains and to a
lesser extent, concerns about the health crisis itself."
Britain and the European Union are heading into a "very
significant" week, British foreign minister Dominic Raab said on
Sunday, as talks over the trade deal enter their final days with
serious differences yet to be resolved. "The expectation in markets is that there will be a deal,"
said James Smith, developed markets economist at ING in London.
The exporter-laden FTSE 100 has rebounded 30% from a
coronavirus-driven crash in March, but until this month, had
lagged its U.S. and European peers on fears about the extent of
the economic damage from pandemic-related lockdowns.
Data showed confidence among British businesses fell to a
four-month low in November due to new restrictions, but firms
turned less pessimistic after news of a breakthrough in
developing a vaccine. Pets at Home Group Plc PETSP.L fell 1% after buying
veterinary telehealth provider The Vet Connection for 15 million
pounds ($20 million).

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