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Oil and Gas

UPDATE 1-UK Stocks-Factors to watch on June 24

(Adds news items, updates futures)

June 24 (Reuters) - Britain’s FTSE 100 index is seen opening higher on Friday, with futures up 0.5%.

* BARCLAYS: Barclays said on Friday it had struck a deal to acquire specialist lender Kensington Mortgage Company, to extend its reach in Britain’s buoyant housing market.

* ECONOMY: British consumers cut back on shopping in May in the face of fast-rising inflation, and an increase in sales in April was revised down sharply, according to data that on Friday provided further evidence of a cost-of-living squeeze.

* SANOFI/GSK: Sanofi’s COVID-19 vaccine candidate, which is modelled on the virus’s Beta antigen, delivered 72% efficacy in adults against the Omicron strain, the French drugmaker said on Friday, citing data gathered in a study.

* ULTRA ELECTRONIC: Britain on Thursday moved forward on approving the acquisition of London-listed defence firm Ultra Electronics by rival Cobham, owned by U.S. private equity firm Advent, after having raised security concerns over the planned transaction.

* OIL: Oil prices traded sideways on Friday after briefly rising nearly $1 per barrel, as the market balanced fears of slower demand from cooling U.S. economic activity with supply uncertainty.

* GOLD: Gold prices were flat on Friday, but on course for their second straight weekly decline, with worries over major central banks potentially implementing big interest rate hikes to contain runaway inflation weighing on bullion demand.

* METALS: Copper prices in London headed on Friday for their worst week in a year, while prices in Shanghai were on track for the sharpest weekly fall since March 2020 as growing concerns over recession and weak economic readings pointed to a likely impact on demand.

* UK’s FTSE 100 dropped on Thursday, following a selloff in oil and mining majors due to tepid commodity prices on persisting concerns about a global recession.

* For more on the factors affecting European stocks, please click on:

TODAY’S UK PAPERS

> Financial Times

> Other business headlines (Reporting by Muhammed Husain in Bengaluru; Editing by Shailesh Kuber)

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