By Carla Mozee, MarketWatch
U.K. stocks fell Friday, dragged lower with other global equity
markets on heightened worries about the health of the U.S. economy,
the world's largest.
The FTSE 100 shed 0.2% to close at 6,960.49, largely as shares
of commodity producers were shoved lower. The British blue-chip
benchmark hit intraday lows as European and U.S. stocks
(http://www.marketwatch.com/story/dow-looks-set-for-push-into-record-territory-2015-05-15)(DJI)
(SPX) fell following poor U.S. economic data.
The loss cut into Thursday's advance of 0.3%
(http://www.marketwatch.com/story/ftse-100-slips-with-miners-glaxo-in-the-red-2015-05-14)
for the FTSE 100 that came after European Central Bank President
Mario Draghi backed the bank's commitment to monetary stimulus for
the sluggish economy in the eurozone, a key trading region for the
U.K.
As oil prices (CLM5) fell Friday, putting oil's string of
eightly gains at risk
(http://www.marketwatch.com/story/oil-prices-slips-on-dollar-strength-2015-05-15),
shares of oil major Royal Dutch Shell PLC ended 1.4% lower, and BP
PLC dropped 1%. Energy-engineering firm Weir Group PLC lost
0.9%
Mining stocks languished in the red. Glencore PLC fell 1.8%, as
did Anglo American PLC . Precious metal miner Fresnillo PLC fell
1.2%, and Antofagasta PLC gave up 0.8%. The Chilean copper miner
early Friday was downgraded to sell at Liberum.
The FTSE 100 for the week fell 1.2%, its second weekly loss in
three.
Friday's slate of dour U.S. data included a larger-than-expected
decline in monthly industrial production. A preliminary May reading
on consumer sentiment fell to the lowest level in seven months.
In assessing recent data, it appears the rough weather during
the winter season cannot be blamed for the poor run of numbers,
said Christopher Vecchio, currency analyst at DailyFX, in a note.
"Ostensibly, it appears that the U.S. economy is headed toward a
recession," and following recent retail sales and trade balance
figures, "it's more likely than not that we're going to see the
[first-quarter growth] figure revised into negative territory."
The dollar (DXY) was hit as the weak economic figures
underscored questions about the Fed's plans to eventually raise
interest rates for the first time since 2006. The pound (GBPUSD)
was briefly pushed above $1.58, but drifted back to $1.5766 late
Friday London time.
Equity advancers on Friday included SABMiller PLC . Shares rose
0.7% after the maker of Peroni and Miller Genuine Draft said it's
moving into the U.K. craft beer market by purchasing Meantime
Brewing Company. The terms of the deal for Greenwich, London-based
Meantime weren't disclosed.
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