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FTSE 100 Retreats On Growth Worries; Miners Worst Hit
(RTTNews) - U.K. stocks slumped on Thursday after a survey showed manufacturing production suffered its steepest contraction since May 2020 in August.
The S&P Global/CIPS manufacturing PMI hit a 27-month low of 47.3, down from 52.1 in July, but above the initial estimate of 46.0.
Separate data published by Nationwide Building Society revealed that house price inflation remained in double-digits for the tenth month in a row in August.
The benchmark FTSE 100 was down 110 points, or 1.5 percent, at 7,174 after declining 1.1 percent to close lower for the third straight session on Wednesday.
Miners Anglo American, Antofagasta and Glencore lost 4-7 percent as metals prices tumbled following weak manufacturing data from China.
Rio Tinto gave up 3.4 percent after it agreed to buy out Turquoise Hill Resources in a deal valued at about $3.3 billion.
Government services provider Serco dropped 1.4 percent after it agreed to acquire immigration services provider ORS, which provides services in Switzerland, Germany, Austria and Italy.
Reckitt Benckiser plunged 4.4 percent. The consumer goods company said its CEO Laxman Narasimhan has decided to leave for personal reasons to relocate back to the United States.
Lender Barclays fell 1.3 percent after selling its remaining 63 million shares in South African lender Absa Group.
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