(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

* Spirax ( SPXSF ) slides 6% after maintaining annual forecast despite

stronger first-half results

* Legal & General ( LGGNF ) drops 4.4% after UBS and Goldman Sachs cut

stock to sell

* FTSE 350 insurers index falls 2.6%

Aug 11 (Reuters) - London's FTSE 100 fell for a second

session on Tuesday, as shares in Spirax ( SPXSF ) tumbled onthe valve

maker's disappointing outlook, while Legal & General ( LGGNF ) led a

selloff in insurers following multiple brokerage downgrades.

The blue-chip FTSE 100 index fell 0.1% to 10,851.58

points by 1016 GMT. The midcap FTSE 250 fell 0.3% to

24,678.20 points.

* Spirax ( SPXSF ) shares fell 6%, becoming the biggest

decliner in the FTSE 100, after the company maintained its

annual forecast despite a rise in first-half results.

* Shares of Legal & General ( LGGNF ) dropped 4.4% after UBS

and Goldman Sachs downgraded the stock to "sell" from "neutral."

UBS pointed to peak valuations, lower margins from its pension

risk transfer business and a falling solvency ratio among the

reasons for the downgrade. Goldman warned the company's new

gilt-heavy business strategy offered optionality at the expense

of margins and earnings visibility.

* An index of FTSE 350 insurers dropped 2.6%,

with shares of Standard Life ( PNXGF ) and Prudential

also coming under pressure.

* Global stocks too fell as oil prices rose after

negotiations between the United States and Iran over a peace

deal and the reopening of the Strait of Hormuz hit an impasse.

* Investors are awaiting U.S. inflation data later in the

day as well as second-quarter UK GDP data on Thursday to gauge

the monetary policy outlook on both sides of the Atlantic.

* British consumers spent more on food and in pubs last

month on the back of England's run to the World Cup semi-finals

and hot weather boosted clothing sales, but they remained wary

of big outlays, according to surveys published on Tuesday.

* The British Retail Consortium's total retail sales measure

rose by a below-average 1.3% from July 2025, slowing from 1.9%

in June.

* Among other movers, IWG dropped 1.9% after

Jefferies warned of cash flow headwinds even as the office space

provider maintained its annual and medium-term targets.

* InterContinental Hotels Group ( IHG ) slipped 1.3% as room

revenue growth slowed in the second quarter as a sharp decline

in the Middle East offset continued gains in the United States

and China.