Make Kitco Your Homepage

UPDATE 2-UK stocks suffer losses not seen since 2016 Brexit vote

Kitco News


* FTSE 100 ends down 3.2 percent
* Huawei arrest stirs trade tension worries
* Oil, mining stocks lead fallers (Adds closing prices) By Josephine Mason and Julien Ponthus LONDON, Dec 6 (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 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 was down 2.8 percent with domestically focused 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 lawmakers 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 and mining 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)

Messaging: josephine.mason.reuters.com@reuters.net))

UK hot stocks: [HOT and GB] Wall Street: Gilts report: Euro bond report Pan European stock report: Tokyo stocks: HK stocks: Sterling report: Dollar report:
* For company prices, click on -
* Company directory: By sector:
* For pan-European market data, click on -
* European Equities speed guide................ FTSE Eurotop 300 index........................... DJ STOXX index................................... Top 10 STOXX sectors........................ Top 10 EUROSTOXX sectors................... Top 10 Eurotop 300 sectors.................. Top 25 European pct gainers.................... Top 25 European pct losers..................... ))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News