FTSE 100 down 0.4, FTSE 250 off 0.3
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May 24 Reuters London stocks slipped on Friday, tracking losses in Asian markets after robust U.S. economic data spurred worries about interest rates staying high for longer, while National Grid kept losses in check.

The bluechip FTSE 100 index dipped 0.4 and was poised for a fourth consecutive session of decline, its longest losing streak in more than three months. The index was headed for a second straight weekly fall.

The midcap FTSE 250 fell 0.3, also on track for a fourth straight day of losses.

Robust economic data from the U.S. showed business activity in May accelerated to the highest level in over two years. This along with hawkish U.S. Federal Reserve minutes from the last meeting earlier in the week has led traders to dial back their bets on rate cuts this year.

There39;s weak sentiment on the back of concerns the Federal Reserve may not be able to cut interest rates as soon as the market was hoping, said Fiona Cincotta, senior market analyst at City Index.

Investors also indulged in profitbooking following a near 8 climb in London stocks over the past five weeks. The allure of Britain39;s undervalued equities was the key driver for the FTSE39;s spirited rally.

Given the steep increase, it took the FTSE into overbought territory and in order for it to be looking at a…