Markets

FTSE 100 Slides Amid Political Uncertainty

(RTTNews) - U.K. stocks fell on Wednesday to extend losses from the previous session as Prime Minister Boris Johnson faced calls to quit following yesterday's Supreme Court ruling and U.S. Democrats began impeachment proceedings against President Donald Trump.

Trump criticism of China's trade practices at the United National General Assembly on Tuesday also fueled pessimism about the prospect of a trade truce between the world's two largest economies.

The benchmark FTSE 100 was down 63 points, or 0.86 percent, at 7,228 after declining half a percent on Tuesday.

BP Plc fell over 1 percent and Tullow Oil tumbled more than 3 percent as oil prices extended losses for the second day running on worries about falling fuel demand.

Miners Anglo American, Antofagasta and Glencore dropped 1-2 percent as hopes of a trade deal between the U.S. and China faded and the Asian Development Bank downgraded its growth forecasts for the region.

Retailer J Sainsbury advanced 1.4 percent after it unveiled plans to slash costs in coming years.

Aerospace and defense company Babcock International Group jumped 3 percent after backing its full-year view.

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