U.K. Stocks Decline Most in a Week on Commodity Producers' Dragby
U.K. shares reversed gains, pushed lower by declines in commodity producers.
BHP Billiton Ltd., Glencore Plc and Anglo American Plc fell more than 3.5 percent, dragging the FTSE 100 Index down 1 percent, its biggest decline since May 4. After opening lower, the benchmark gauge reversed drops and rose as much as 0.5 percent before resuming losses.
Adding to the gloom, the Bank of England cut its growth forecasts and warned that a vote to leave the European Union would hurt the economy. The broader FTSE All-Share Index fell 0.8 percent, and Ireland’s ISEQ Index lost 0.3 percent.
Marks & Spencer Group Plc climbed 1.5 percent as its new chief executive officer shook up its management.