U.K. Stocks Snap 2-Day Gain as Lloyds, Barclays Lead Bank Lossesby
U.K. stocks slid, after their biggest two-day rally in five months, as banks retreated.
Lloyds Banking Group Plc and Barclays Plc paced losses among European lenders, down at least 4.7 percent, after a report said U.K. banks will set aside more money to cover wrongly sold loan insurance. Kingfisher Plc slid 6.1 percent after the home-improvement retailer said a five-year plan to boost profit will result in cash costs.
The FTSE 100 Index slipped 0.4 percent at at the close in London, after earlier dropping as much as 0.8 percent. The benchmark jumped 4 percent in the past two sessions after the European Central Bank signaled it may boost stimulus in March. Stocks have tumbled this year amid concern over China’s slowdown and a rout in oil prices, with the FTSE 100 entering a bear market last week.
The broader FTSE All-Share Index lost 0.3 percent and Ireland’s ISEQ Index declined 0.6 percent today.