Britain’s shares posted the steepest drop since September, snapping two days of gains for the FTSE 100 Index, after the scale of additional stimulus from the European Central Bank disappointed some investors.
Miners resumed their slump. Anglo American Plc fell 2.7 percent, extending a 1999 low. BHP Billiton Plc fell 3.3 percent. Sports Direct International Plc slumped 5.4 percent, posting the biggest drop on the FTSE 100 Index.
The FTSE 100 fell 2.3 percent to 6275. The FTSE All-Share Index lost 2 percent, and Ireland’s ISEQ Index retreated 1.9 percent.
While ECB President Mario Draghi added to stimulus, investors anticipated deeper cuts to the deposit rate and an increase in the amount of month bond purchases. In the U.S., Federal Reserve Chair Janet Yellen reiterated her stance that the economy is strong enough to withstand tightening. She delivered a cautiously upbeat outlook for the economy, signaling for a second day that the conditions for higher interest rates have been met.