Banks, miners pull FTSE down in early trade
* FTSE 100 falls 1 pct, down 16 pct this year
* Banks suffer from grim outlook
* Mining stocks slip, tracking weaker metal prices
By Atul Prakash
LONDON, July 4 (Reuters) - Britain's blue-chip index fell early on Friday, as banking stocks slipped on a grim economic outlook and miners fell tracking a decline in metals prices.
By 0834 GMT, the commodity-heavy FTSE 100 .FTSE was down 57.8 points, or 1.1 percent, at 5,418.8 points, after gaining nearly 1 percent in the previous session.
The index, which has fallen 16 percent this year after five successive years of gains, is heading for its seventh weekly losses in a row and on Friday was underperforming both the German and French markets .GDAXI .FCHI.
"It's gloomy, it's uncertain and there is nothing really to get excited at the moment. The rallies, when they come, do tend to be short-lived," said Tim Hughes, head of sales trading at IG Index. Continued...
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