(Corrects paragraph 2 to remove extraneous “pressured by”)
* FTSE 100 down 0.5%, FTSE 250 down 0.3%
* Shell drops on poor results
* StanChart rises after profit beat
* Barclays gains on dividend hike
* LSE up on Refinitiv buy
Aug 1 (Reuters) - London’s FTSE 100 was knocked back on Thursday by a steep drop in Shell and scotched hopes of more U.S. interest rate cuts, even as LSE jumped after a $27 billion deal to buy Refinitiv and StanChart rose after profit beat.
The FTSE 100 index dipped 0.5% by 0707 GMT. The midcap index was down 0.3%, with a 9.4% results-driven rise in medical products maker Convatec keeping a lid on losses.
Shell, the most valued company on the FTSE 100, fell 4.3%, was set for its worst day since December, as its second-quarter profit slumped to a 30-month low due to lower oil and natural gas prices and refining margins.
On the flip side, Standard Chartered jumped 3.2% as investors focussed on strong results despite a warning on risks from the U.S.-China trade war. Barclays added 2% after hiking its dividend.
London Stock Exchange climbed 4% after agreeing to buy financial data provider Refinitiv in a deal that will transform the British company into a market data and analytics giant.
Thomson Reuters, the parent company of Reuters, currently holds a 45% stake in Refinitiv. (Reporting by Muvija M and Shashwat Awasthi in Bengaluru Editing by Saumyadeb Chakrabarty)