U.K. Stocks Slide as Royal Bank of Scotland Leads Lenders Lowerby
U.K. stocks retreated, halting a two-day winning streak, with banks leading losses.
Royal Bank of Scotland Group Plc posted the biggest decline among lenders, sliding 4.4 percent, while Barclays Plc and Standard Chartered Plc fell at least 2.7 percent. Deutsche Bank AG spurred a slide in European lenders after rebuffing a U.S. Justice Department claim for $14 billion to settle a probe tied to mortgage-backed securities.
BP Plc and Royal Dutch Shell Plc fell as oil dropped to a one-month low. SVG Capital Plc rose 3.2 percent after the private equity investor said an unsolicited bid from HarbourVest Partners LLC undervalued its assets and it has other offers.
The FTSE 100 Index dropped 0.3 percent to 6,710.28 at the close of trading, capping a 1 percent weekly decline. Shares jumped the most in two weeks yesterday, extending gains in the last hour of trading, as the pound weakened on speculation the Bank of England may lower borrowing costs another time this year.
The FTSE 250 Index of mid-cap shares rose 0.3 percent today and the FTSE Small Capitalisation Index Ex Investment Trusts climbed 0.6 percent. The regional Stoxx Europe 600 Index slipped 0.7 percent.