U.K. Stocks Tumble Amid China Growth Concerns; Glencore Plummetsby
U.K. stocks declined as Glencore Plc tumbled and data showing Chinese industrial profits slid the most in at least four years reignited global growth concerns.
Glencore plunged 29 percent, extending a rout that’s wiped more than $13 billion off its value this month and highlighting investor concerns that it’s not cutting its debt load quick enough. Vodafone Group Plc fell 3.1 percent after the mobile-phone company said it ended talks with Liberty Global Plc about an asset swap. Royal Dutch Shell Plc lost 2.8 percent after saying itwill stop exploring offshore Alaska because of high costs and challenging regulations.
The FTSE 100 Index slipped 2.5 percent to 5,958.86 at the close of trading in London. Shares posted their strongest rebound since Aug. 27 on Friday, wiping out all their losses for the week, amid a rally in global equities, after Federal Reserve Chair Janet Yellen expressed confidence the recent market turmoil won’t derail an economic recovery.
The broader FTSE All-Share Index dropped 2.2 percent today, while Ireland’s ISEQ Index fell 1.3 percent. A measure of U.K. stock volatility gained 14 percent, after sliding on Friday.