U.K. Stocks Set for Lowest Since '12 as BHP Billiton, Shell Sinkby
Britain’s shares are falling for a fourth time in five days, with its miners set for their lowest levels since 2003.
Plunges of more than 6 percent for Glencore Plc, BHP Billiton Ltd. and Anglo American Plc, dragged the benchmark FTSE 100 Index down 2.7 percent at 8:34 a.m. in London, heading for its lowest level since November 2012.
BHP, the world’s biggest mining company, cut its full-year iron ore forecast. Royal Dutch Shell Plc, down 4.4 percent, posted a slump in fourth-quarter profit amid a rout in oil. BG Group Plc, which agreed to be acquired by Shell, also fell after reporting earnings of at least $2.3 billion.
With an 8.4 percent drop this year, the FTSE 100 is coming close to entering a bear market. The broader FTSE All-Share Index fell 2.5 percent on Wednesday, and Ireland’s ISEQ Index lost 2.2 percent.