London's FTSE slips on energy drag

Britain's benchmark FTSE 100 dropped in early trade on Tuesday, dragged down by energy stocks, while investors assessed fresh economic data in the face of concerns over the prospect of a global slowdown, reports Reuters.

The resource-heavy FTSE 100 slipped 0.4 per cent as of 0844 GMT, with energy stocks shedding 1.7 per cent tracking lower crude oil prices.

The all-sector PMI eased to 53.8 per cent in May from 54.6 in the previous month, while the S&P Global/CIPS UK Construction PMI rose to 51.6 from 51.1 in April.

This comes a day after British retail sales growth slowed to a seven-month low in May.

"The British Retail Consortium has stated that growth in discretionary spending continues to tumble as the high cost of living squeezes households," Rabobank analysts said in a note.