U.K. Stocks Drop on U.S. Economic Reports; ITV Retreats
U.K. stocks dropped for a second day after a measure of U.S. business activity missed forecasts.
The FTSE 100 Index slid 0.4 percent to 5,277.39 at 3:55 p.m. in London after earlier rallying as much as 1 percent.
U.K. stocks declined after the Institute for Supply Management-Chicago Inc. said today its barometer of business activity decreased to 52.7 in May from 56.2 in April. Readings greater than 50 still signal growth.
Economists had predicted that the purchasing managers’ gauge would rise to 56.8, according to the median of 55 estimates in a Bloomberg News survey. Projections ranged from 53.7 to 60.7.
ITV Plc (ITV) tumbled 7.2 percent to 71.7 pence.
To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net
To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net
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