Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Stocks suffer losses not seen since 2016 Brexit vote

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/06/2018 | 12:29pm EDT
FILE PHOTO:  A man passes a screen showing the activity of the FTSE index at Canary Wharf financial district in London

LONDON (Reuters) - UK shares plunged on Thursday and recorded losses not seen since the aftermath of the Brexit vote as a sell-off swept global markets following the arrest of a top Huawei executive that renewed worries about U.S.-China trade tensions.

European stocks began the day well in negative territory but went further in the red after Wall Street opened strongly lower.

The FTSE <.FTSE> fell 3.2 percent to 6674.01 points, its worst performance since June 2016, when Britons voted to leave the European Union.

The midcap FTSE 250 <.FTMC> was down 2.8 percent with domestically focussed stocks slightly less affected than the wider European market before a crucial Brexit vote next week.

Prime Minister Theresa May is battling to get her Brexit deal through parliament in a vote scheduled for Tuesday. She is facing heavy opposition from MPs who backed Britain leaving the bloc and those who wanted to remain in the EU.

Losses on the British blue-chip index were in line with European peers with falling oil and commodities prices hitting heavyweight oil and mining stocks.

The oil <.FTNMX0530> and mining <.FTNMX1770> sectors were down 4.5 percent and 4 percent respectively as OPEC ended a key meeting without making a decision on crude output.

Industrial metals prices fell on Thursday and copper hit a three-week low after the arrest of Chinese smartphone maker Huawei's chief financial officer dampened hopes for resolution to the U.S.-China trade conflict.

"The Huawei arrest appears to be the straw that broke the camel's back", wrote Connor Campbell, an analysts at Spreadex.

"The rapidly dwindling good-feeling towards the U.S. and China's vague trade war ceasefire turned actively hostile on Thursday, investors fearing that, 90-day truce or not, the relationship between the two superpowers might be about to take a turn for the worse," he wrote.

Among other decliners, bookies stocks were hit by a report that gambling companies have agreed to stop advertising during live sport broadcasts, such as football matches, amid growing pressure from politicians.

On the midcap index, Indivior topped the fallers, down 11.4 percent, as investors moved out of the drugmaker ahead of its demotion to the small-cap index later this month.

The stock has also been hit hard by a U.S. court ruling late last month that allowed a rival to sell a copycat version of its blockbuster Suboxone drug.

(Reporting by Josephine Mason; Editing by Jon Boyle and Edmund Blair)

By Josephine Mason and Julien Ponthus

Stocks mentioned in the article
ChangeLast1st jan.
INDIVIOR -8.48% 48.56 Delayed Quote.-56.78%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
07:15aTrump and 2020 Democrats Stake Out Dueling Views on China Trade
DJ
07:14aSwiss voters approve tax and pension overhaul - TV
RE
06:57aChina's central bank says to keep yuan stable, in balanced range
RE
06:15aChina Trade Turmoil Makes U.S. Investors Nervous
DJ
05:45aBig Companies Tightened Spending as Trade Fears Intensified
DJ
05:22aEconomic Fears Drove Australia's Surprise Election Result
DJ
05:21aECB's Knot says euro zone inflation is not where ECB wants it
RE
04:59aZimbabwe central bank says it secures $500 million to ease dollar shortages
RE
12:28aFour more Chinese cities warned over pace of home price growth
RE
05/18Australia's Conservatives Win Surprise Election Victory -- Update
DJ
Latest news "Economy & Forex"
Advertisement