U.K. stocks tracked European equities lower, after the FTSE 100 Index snapped a three-day slump yesterday, after another currency depreciation in China renewed concerns about the prospects for global growth.
The FTSE 100 Index retreated 1 percent to 6,073.38 at the close in London, following a decline in stocks throughout Europe after the country’s central bank set the yuan’s reference rate at an unexpectedly weak level.
Miners led the retreat, with BHP Billiton Ltd., Anglo American Plc and Rio Tinto Group falling at least 4.5 percent. Arm Holdings Plc fell 3 percent, dropping with other European suppliers of Apple Inc. after Nikkei reported that production of the latest iPhones this quarter may be cut by about 30 percent.
Royal Mail Plc added 1.3 percent after Barclays Plc raised its rating on the stock to overweight, the equivalent of a buy. Barclays also cut Aberdeen Asset Management Plc to underweight, equal to a sell rating, sending those shares down 1.9 percent.
The broader FTSE All Share-Index fell 1 percent, following its worst yearly decline since 2011. Ireland’s ISEQ Index also dropped 1 percent, after jumping 30 percent in 2015.