U.K. stocks fell on Tuesday as a regulatory crackdown intensified in China and Reckitt Benckiser missed quarterly sales estimates.
The benchmark FTSE 100 fell 57 points, or 0.8 percent, to 6,969 after finishing marginally lower on Monday.
The pound held firm, helped by a decline in new daily COVID-19 cases in the U.K.
Miners Antofagasta and Glencore dropped around 2 percent after data showed China’s industrial profits growth moderated in June.
Industrial profits increased notably by 20 percent on a yearly basis in June, but slower than the 36.4 percent growth posted in May as high commodity prices continued to squeeze the profitability of companies.
Rio Tinto declined 1.7 percent after saying it planned to cut production at its aluminium smelter in Canada due to union strikes.
Reckitt Benckiser shares plummeted 8.5 percent after the Lysol maker swung to pretax loss for the first half of the year on lower revenue and higher costs.
Online greeting card publisher Moonpig slumped 6.7 percent after saying it expects a major drop in sales in the coming months.
Daily Mirror publisher Reach Plc jumped 7.7 percent. The company said it was trading ahead of expectations and expects that strong momentum to continue.
Market Analysis
FTSE 100 Falls As Miners Drag
2021-07-27 09:43:16
