Reuters: Hot Stocks: Britain's FTSE slips away from 8-week highs

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Britain's FTSE slips away from 8-week highs Jul 19th 2013, 07:12 LONDON, July 19 | Fri Jul 19, 2013 3:12am EDT LONDON, July 19 (Reuters) - UK equities paused early on Friday with momentum slowing after profit misses from U.S. tech bellwethers took the gloss off a positive run registered by the banking sector. By 0709 GMT, the FTSE 100 fell 13.87 points, or 0.2 percent, to 6,620.49 points after having closed at its highest level since May 30 on Thursday, boosted by upbeat economic data in the UK and United States and earnings from U.S. banks. "With volumes fairly light and no major economic releases today, we expect UK markets to be a touch softer heading into the weekend," said Mark Ward, head of trading at Sanlam Securities. He said the catalyst for profit taking was the weak updates provided from U.S tech firms such as Google, Intel , Microsoft and eBay. "Whilst the U.S. banks' numbers have been generally strong, the rest cannot be said for other sectors. Last night, both eBay and Intel both fell after disappointing forecasts," he added. (Reporting by David Brett; Editing by Sudip Kar-Gupta)

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