U.K. Stocks Slide as Oil Retreats, U.S. ISM Report DisappointsBy
U.K. stocks fell for a second day as oil retreated and disappointing U.S. services-industry data cast doubt on the recovery of the world’s biggest economy.
BP Plc and Royal Dutch Shell Plc led energy stocks lower as Brent dropped after a pledge by Russia and Saudi Arabia to cooperate to stabilize the market omitted specific measures to bolster prices. Standard Chartered Plc slipped 3 percent, leading a retreat in lenders. Berkeley Group Holdings Plc rose 3.5 percent after reiterating its three-year guidance for pretax profit.
The FTSE 100 Index dropped 0.8 percent to 6,826.05 at the close of trading in London, accelerating losses after data from the Institute for Supply Management showed U.S. services industries expanded in August at the weakest pace in six years. The FTSE 250 Index of mid-cap shares lost 0.1 percent, while Ireland’s ISEQ Index tumbled 0.9 percent. The regional Stoxx Europe 600 Index dropped 0.3 percent.