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UK’s FTSE 100 drops, Stoxx 600 rises

written by Bella Palmer

The FTSE 100 dropped sharply to trade 0.5% down, the DAX and CAC gained 0.5% and 0.3% respectively, and the pan-European Stoxx 600 was 0.3% higher

The FTSE 100 and European markets were mixed by the end of the trading day in London, as global leaders and policymakers made tracks for the World Economic Forum in Davos, Switzerland.

The FTSE 100 dropped sharply to trade 0.5% down, while the DAX and CAC gained 0.5% and 0.3% respectively. The pan-European Stoxx 600 was also 0.3% higher.

London's premier index was dragged down by Burberry and Ocado stock, which were both lower more than 5% by the end of the day. Burberry's stock dipped as it cut its profit forecast because of a lull in Christmas sales.

Davos will play host to a number of high profile meetings and talks this week, with artificial intelligence and frontier tech at the forefront of minds.

On Monday morning, one of the world's top banking regulators kicked off with a caution that leaders would need to present a united front in coordinating against challenges posed by artificial intelligence. The chair of the Basel Committee on Banking Supervision Pablo Hernandez de Cos said artificial intelligence “could change the course of history, not necessarily for the good,” according to the Financial Times.

What we are observing at the geopolitical level shows that reaching common agreements is becoming more and more difficult, he said, saying this is a "concern" for him and others.

US markets were shut on Monday for MLK Jr. Day.

As artificial intelligence tops the agenda, Microsoft's Satya Nadela spoke at Chatham House on Monday lunchtime while Sam Altman, Chief Executive Officer of OpenAI is also due to speak this week.


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