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Monday, August 22, 2016

[fm]: U.K. Stocks Decline Second Day as Miners Slide on Strong Dollar


U.K. stocks declined, following their worst week since before the Brexit referendum, as miners slid on a stronger dollar.

Fresnillo Plc and Randgold Resources Ltd. dropped at least 5 percent, leading miners lower as commodities decreased. Royal Dutch Shell Plc and BP Plc fell as crude dropped after Iraq sought to increase exports.

The FTSE 100 Index slid 0.4 percent to 6,833.85 at 10:52 a.m. in London. The broader FTSE All-Share Index fell 0.3 percent, while Ireland’s ISEQ Index advanced 0.7 percent.

The U.S. currency rose after Federal Reserve Vice Chairman Stanley Fischer said on Sunday that the U.S. economy is already close to meeting the central bank’s goals and that growth will pick up, boosting speculation of an interest rate increase this year.

The FTSE 100 has still performed better this year than its European peers, with a 9.5 percent gain compared with a 6.7 percent decline for the Stoxx Europe 600 Index. Helped by a weaker pound and increased Bank of England stimulus, U.K. stocks have become some of the top performers among developed markets this year.




By: Alan Soughley (Bloomberg News).

Photo: The Telegraph, UK.

Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.


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