FTSE dips as oil shares head lower; Shire jumps

LONDON, Aug 15 (Reuters) UK stocks were eased on Tuesday, hit by weak oil stocks although drug maker Shire Pharmaceuticals shot higher after a deal to prevent a rival from launching a generic version of one of Shire's treatments.

Shares in the group jumped 4 percent as Shire said it had settled pending litigation with Barr Pharmaceuticals, stopping Barr from marketing a generic version of Shire's hyperactivity drug Adderall in the United States until 2009, except in certain circumstances.

Markets were focused on U.S. PPI data, due at 1230 GMT, for an update on the inflation situation.

Richard Hunter, head of UK equities at Hargreaves Lansdown, said: "We do still have ongoing concern from the U.S. about interest rates and whether they've peaked, and we've got worries about inflation as well and whether the U.S. consumer is running out of steam.

"This is a possibly a week to take a step aside from corporate earnings and look at the wider economic picture, which is why the market is a bit directionless at the moment until the next piece of big data comes out." By 1045 GMT, the FTSE 100 was down 19 points at 5,852, giving back some of Monday's rise to its highest level since August 4, up 51 points on the day.

Property groups bucked the broadly lower trend as British Land reported a rise in the value of its portfolio and said it remained confident on its prospects. British Land shares rose as much as 1.5 percent before easing, while Hammerson was up 2.6 percent and Slough Estate was flat. Both are due to report over the coming weeks.

Weaker energy stocks accounted for 32 points of FTSE downside, as oil prices slipped towards a barrel on a U.N. truce between Israel and Hizbollah and as oil kept flowing from North America's largest field. BP and Royal Dutch Shell slipped about 0.5 percent each.

Miners also eased, with Rio Tinto , Antofagasta and Xstrata down about 1 percent each.

Countrywide stood out among mid-cap stocks, up about 1 percent after the property services company said its first-half profit soared as it booked profits from asset disposals.

REUTERS VJ ND1722