LONDON MARKETS: London Stocks Drop In Step With Global Equity Rout
21 November 2018 - 2:40AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Emily Horton
London's main bourse fell sharply Tuesday amid a global rout
spurred by trade tensions and losses for big U.S. tech and internet
names in the U.S.
How are markets performing?
The FTSE 100 fell 0.8% to 6,944.07, after closing down 0.2% late
Monday.
The British pound was last trading at $1.2837, up from $1.2851
late Monday in New York.
What drove stocks?
A global equity rout spilled over into Europe and London was no
exception, as big tech and internet names such as Apple Inc. (AAPL)
and Twitter Inc. (TWTR) came under heavy selling pressure, dragging
U.S. stocks south.
There were also renewed concerns over U.S./China trade sparring
drove stock changes with Chinese regulators claiming to have found
"massive evidence" of anticompetitive behavior among Samsung
Electronics Co. Ltd. (005930.SE), SK Hynix Inc.(000660.SE) and
U.S-based Micron Technology Inc. (MU), the FT reported Tuesday.
(http://www.marketwatch.com/story/chinese-officials-find-evidence-of-anti-competitive-behavior-by-micron-samsung-sk-hynix-2018-11-20)
Investors remained cautious over U.K stocks, as another week of
Brexit events and announcements from Theresa May are expected. Bank
of England Gov. Mark Carney testified before parliament on the
U.K.'s inflation and economic outlook and warned that a hard Brexit
next March would be tough on the economy.
What stocks were active?
EasyJet PLC (EZJ.LN) slid by over 6%, as it reported strong
annual results for 2018, but rising costs
(http://www.marketwatch.com/story/easyjet-profit-up-sharply-despite-higher-costs-2018-11-20).
Banks were among the biggest decliners, with heavily-weighted
HSBC Holdings PLC (HSBA.LN) (HSBA.LN) down 1.2% and Royal Bank of
Scotland Group PLC (RBS.LN) (RBS.LN) off 3%.
(END) Dow Jones Newswires
November 20, 2018 10:25 ET (15:25 GMT)
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