U.K. Stocks Set for Worst 3-Day Drop in a Month as Miners Slideby
British shares got further away from a record after data on Chinese exports revived concerns over the global economy.
BHP Billiton Ltd. and Rio Tinto Group lost more than 4.3 percent after China’s exports unexpectedly dropped, with imports also falling. Tesco Plc slid 2 percent after a standoff with Unilever resulted in a range of products becoming unavailable. Standard Life Plc lost 4.4 percent after Barclays Plc lowered its rating to the equivalent of a sell. Taylor Wimpey Plc and Persimmon Plc added more than 2 percent as the U.K. housing market strengthened in September. Randgold Resources Ltd. rose 1.5 percent as gold advanced.
The FTSE 100 Index declined 0.6 percent at 8:47 a.m. in London, taking its three-day drop to 1.6 percent. After reaching an intraday record on Tuesday, the gauge failed to maintain gains amid speculation over a Federal Reserve rate increase and a rebound in the pound on Wednesday. The FTSE 250 Index of mid-cap shares also dropped on Thursday, while the FTSE Small Cap excluding investment trusts index was little changed.