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Britain's FTSE 100 index fell 1 percent on Wednesday as news that North Korea test-fired missiles rattled global equity markets, while the banking sector suffered as hopes faded for an imminent bid for [Alliance & Leicester].
Analysts said an expected rise in this week's key US jobs report could also be casting a cloud over stock markets, especially after strong US data on Wednesday led investors to increase bets for further monetary tightening in the world's biggest economy.
Mixed economic releases and ambivalent signals from Federal Reserve officials on the US rate outlook have contributed to recent market volatility.
"In the Asian session overnight there was a bit of concern about what was happening with these missiles. The Asian markets were weaker and I think that just followed over into Europe" said Chris Iggo, strategist at AXA Investment Managers.
"I think in general there is still a fear that US rates could continue to go up and the market consensus I think for payrolls is quite strong, 150,000, so that would be strong enough to make most people feel that the Fed would hike again in August."
The FTSE 100 share index closed 56.8 points lower at 5,826.7, but some analysts said the fall was down to profit-taking after a recovery had taken equities to 7-week highs earlier in the week.
Alliance & Leicester was the biggest loser, with its shares down 5.7 percent after French bank Credit Agricole said it would not bid for the UK bank - confirming market speculation on Tuesday.
The shares in May hit a record high on hopes of a bid, and later that month Agricole said it was assessing a take-over approach. Credit Agricole's decision not to bid weighed on the broader UK banking sector, which contributed about 11 points to the FTSE downside.
But the mining sector overtook banking in weighing down the index, responsible for more than 13 points of its fall.
"They're high beta stocks. If you see the market down 1 percent you generally see them down 2 or 3 percent. It's a bit of that. They've had a reasonable run of late. The day to take profit is probably today when the market's so weak," said a trader on the sector.
Shares in Anglo-Dutch steel maker Corus were down 4.3 percent, having hit at 7-week high only last week. Corus shares have been sought following the recent move by Luxembourg steelmaker Arcelor to accept a bid from steel giant Mittal. Talk has grown that Russian steel firm Severstal might be interested in Corus in the wake of the Arcelor bid.
"Corus had a big rise on the back of all the bid spec and it's just gone a bit quiet. They may well get taken over or be the subject of some sort of corporate action but for the time being people are just taking profit," said another market maker.
But shares in GUS, which were down for most of the session, moved up modestly after it said it rebuffed interest in two of its divisions. The British retail and credit information group said it had received a number of expressions of interest in its Argos Retail Group and Experian divisions in recent months but had rejected them.
"It's good news but not as good as it might have been," said another trader.
"Everybody expected them to demerge Experian so it's not startling news. When some of these companies have a bid for the whole or a division the company coming in gets quite aggressive and that doesn't look like it's happening."
The stock was among several which this session traded without the right to the latest dividend, along with Lonmin, which shed 4.5 percent and brewer SABMiller, which was 3.2 percent weaker.
Shares in the in online gaming group PartyGaming were down 3.5 percent after directors and the company secretary together sold nearly 5 million shares, according to market makers.
"If directors are selling it I suppose some people will not particularly want to buy them," said a market marker.
Among mid-caps, software and outsourcing services provider Northgate Information Solutions rose 1.3 percent after it posted a 95 percent rise in annual profit and said the firm's growth was expected to accelerate.
Ceramic tile and wood-flooring specialist Topps Tiles gained 5.4 percent after it unveiled plans to return 122 million pounds to shareholders.

Copyright Reuters, 2006

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