U.K. stocks tumbled on Tuesday as inflation worries returned to haunt investors.

Soaring commodity prices have sent the cost of raw materials from copper to iron ore and lumber to record highs, posting downside risks to growth.

The benchmark FTSE 100 fell 140 points, or nearly 2 percent, to 6,983 after closing 0.1 percent lower on Monday.

Miners Anglo American, Antofagasta and Glencore dropped 1-2 percent after data showed China’s factory-gate prices surged more than expected in April, adding to global inflation concerns.

British Airways-owner IAG slumped 5.4 percent after announcing a convertible bond offering plan worth 800 million euros.

FirstGroup rose 0.8 percent. The passenger transport company has reached an agreement with the Department for Transport (DfT) on the termination fee payable for the TransPennine Express (TPE) train operating company.

NatWest Group declined 2.3 percent after the government sold another tranche of shares in the banking giant.

E-commerce group THG soared 12.5 percent on news it is raising more than $1 billion in equity for future deals.




FTSE 100 Tumbles On Inflation Concerns

2021-05-11 09:23:24

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