FTSE 100 Tumbles As Resource Firms Drag

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(RTTNews.com) - U.K. stocks tumbled on Wednesday as weak manufacturing data from China pulled down miners and survey data from IHS Markit and Chartered Institute of Procurement & Supply showed the U.K. manufacturing sector expanded at the slowest pace in three months in July.

Investors also braced themselves for the Bank of England's rate decision tomorrow, with analysts expecting a 25 bps hike despite Brexit gloom.

The benchmark FTSE 100 was down 77 points or 1 percent at 7,670 in late opening deals after climbing 0.6 percent on Tuesday.

Anglo American, Antofagasta and Glencore dropped 2-3 percent as base metal prices weakened after reports the U.S. may propose a higher 25 percent tariff on $200 billion of Chinese imports.

BP Plc shed 1.8 percent and Tullow Oil declined 2.1 percent as oil extended declines on data showing a surprise rise in U.S. stockpiles of crude.

Paper and packaging group Smurfit Kappa rallied 2.3 percent after it posted 5 percent revenue growth in the first half of the year.

Power provider Aggreko soared 10 percent and lender Lloyds Banking Group advanced 1.8 percent after posting solid first-half results.

Outsourcer Capita plunged 7.3 percent after lowering profit guidance.

Read the original article on RTTNews (http://www.rttnews.com/2921264/ftse-100-tumbles-as-resource-firms-drag.aspx)

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This article appears in: Politics , World Markets , US Markets , Oil , Stocks
Referenced Symbols: BP ,

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