U.K. Stocks Snap Two-Day Advance as Global Growth Concerns Mountby
U.K. stocks resumed losses following a two days of gains, on mounting concern over prospects for global growth.
Merlin Entertainments Plc and TUI AG slipped at least 4.9 percent, among the worst performers in the FTSE 100 Index, after JPMorgan Chase & Co. cut its rating on the stocks. Tesco Plc climbed 6.1 percent after reporting its first sales growth in more than four years. Burberry Group Plc also gained after its quarterly comparable revenue beat estimates.
The FTSE 100 slid 0.7 percent to 5,918.23 at the close of trading in London. The equity gauge pared losses of as much as 2.2 percent as energy-related companies and commodity producers, including BP Plc and Anglo American Plc, rallied in afternoon activity.
The U.K.’s benchmark gauge has lost 5.2 percent since the start of the year amid concern a currency and stock market rout in China will hurt global growth. It rebounded yesterday as energy companies advanced. The broader FTSE All-Share Index lost 0.7 percent today, while Ireland’s ISEQ Index tumbled 2.4 percent.