June 27, 2022

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FTSE 100 Declines As Miners Drag On Growth Worries

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U.K. stocks fell on Thursday as oil and metal prices extended losses, weighing on commodity-related stocks.

The benchmark FTSE 100 dropped 46 points, or 0.7 percent, to 7,043 after losing 0.9 percent on Wednesday.

BP Plc was down 0.6 percent and Shell declined half a percent as oil prices fell around 2 percent on concerns over a possible slowdown in fuel demand.

Miners Anglo American, Antofagasta and Glencore gave up 2-4 percent as copper and other metals extended recent declines on fears of a U.S. recession.

Polymetal was marginally higher after providing an update on its business, including the current impact of sanctions against Russia.

In economic releases, the U.K. budget deficit exceeded the official estimate in May as higher inflation pushed up interest payments on government debt, the Office for National Statistics said.

Public sector net borrowing, excluding public sector banks, declined GBP 4.0 billion from the previous year to GBP 14.0 billion in May. Economists had forecast the deficit to fall to GBP 12 billion.

Nonetheless, this was the third-biggest May borrowing since records began in 1993 and GBP 3.7 billion more than the Office for Budget Responsibility forecast.

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2022-06-23 05:14:22

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