London shares turn lower midmorning; weak UK labour mkt data; banks fall back

LONDON (Thomson Financial) - Leading shares turned lower midmorning as the UK June claimant count measure of unemployment rose at its fastest rate in over 15 years, with banking stocks under pressure as economic woes remain and Wolseley fell back after a poor trading update. At 9:53 a.m., the FTSE 100 was down 9.7 points at 5,162.2, falling back from a session high of 5,210.1, while the FTSE 250 index was up 14 points at 8,293.3. Looking at UK economic news, the claimant count measure of unemployment rose at its fastest rate in over 15 years in June, as the impact of the credit crunch and slowing economic activity continued to take their toll on the labour market. The Office for National Statistics said the claimant count, measuring the number of Britons claiming the jobseekers' allowance, rose by 15,500 in June, the biggest... [read full story]