U.K. Stocks Drop With Miners After BOE’s Carney SpeechNamitha Jagadeesh
U.K. stocks fell as Bank of England Governor Mark Carney said the time to increase the benchmark interest rate is getting closer.
BHP Billiton Ltd. and Rio Tinto Group, the world’s biggest mining companies, slid more than 2 percent. Anglo American Plc dropped 3.7 percent. Hammerson Plc lost 3.7 percent after saying it plans to sell new shares. Hargreaves Lansdown Plc declined 4.2 percent after RBC Capital Markets LLC lowered its rating on the stock. Ryanair Holdings Plc rose 1.2 percent in Dublin after saying it will reach the upper end of its earnings projection this fiscal year. Rival EasyJet Plc climbed 2.7 percent.
The FTSE 100 Index fell 66.56 points, or 1 percent, to 6,639.71 at the close in London. The gauge extended losses, following American stocks lower, as U.S. economic data fueled concern that rates may rise soon. The equity benchmark is heading for its biggest weekly decline since June 2013. The broader FTSE All-Share Index lost 0.9 percent today, while Ireland’s ISEQ Index was little changed.
Carney said the judgment on when to increase the benchmark rate from a record low has become “more balanced” in recent months. He also said the central bank would step up oversight of people in the insurance industry and will begin consulting on that this year.
A gauge of mining stocks in the FTSE 350 Index fell 2.6 percent and is on track for the biggest monthly loss since June 2013.