UK stocks mirror European slide, miners retreat

(iStock)
(iStock)

London - UK stocks tracked European equities lower, after the FTSE 100 Index snapped a three-day slump yesterday, amid concerns about the prospects for global growth.

The FTSE 100 Index retreated 1% to 6 074.54 at 8:52 a.m. in London, following a decline in stocks throughout Europe after China’s central bank set the currency’s reference rate at an unexpectedly weak level. Investors are also watching geopolitical developments after North Korea claimed to have successfully tested its first hydrogen bomb.

Miners led the retreat, with Glencore, Anglo American and Rio Tinto Group falling at least 2.7%. Arm Holdings fell with other European suppliers of Apple after Nikkei reported that production of the latest iPhones this quarter may be cut by about 30%.

Royal Mail added 1.6% after Barclays raised its rating on the stock to overweight, the equivalent of a buy. Barclays also cut Aberdeen Asset Management to underweight, equal to a sell rating, sending those shares down 2.7%.

The broader FTSE All Share-Index fell 1%, following its worst yearly decline since 2011. Ireland’s ISEQ Index dropped 0.6%, after jumping 30% in 2015.

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