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FTSE 100 Declines As Miners And Energy Stocks Drag
(RTTNews) - U.K. stocks tumbled on Tuesday as commodity prices fell on demand worries due to a flare-up in China COVID-19 cases.
Meanwhile, to restore orderly market conditions, the Bank of England today expanded its emergency bond purchase program to include inflation-linked debt.
The benchmark FTSE 100 fell 80 points, or 1.2 percent, to 6,878 after closing half a percent lower in the previous session.
Miners Anglo American, Antofagasta and Glencore lost 3-4 percent while oil & gas firm BP Plc declined 3 percent and Shell gave up 2.1 percent.
Greencore shed 1.6 percent despite the convenience food manufacturer posting improved annual revenue and profits.
Ferrexpo, an iron ore pellet producer with operations in central Ukraine, plunged 10 percent.
The company said that production has been temporarily suspended at its operations due to damages to power supply caused by the Russian missile strikes across Ukraine on Monday.
In economic releases, the U.K. jobless rate fell to 3.5 percent in three months to August from 3.6 percent in three months to July, the Office for National Statistics reported.
This was the lowest since December to February 1974. The unemployment rate was forecast to remain unchanged at 3.6 percent.
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