By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks marked a third consecutive
day of declines on Wednesday, moving in line with markets worldwide
that keyed off Wall Street's slide in the previous session.
The FTSE 100 index fell 0.8% to 6,733.62, falling alongside the
broader European market as tracked by the Stoxx Europe 600 . That
index fell 1.1%, the sharpest drop since mid-April, according to
FactSet data.
Benchmarks across Asia also closed lower overnight "as traders
take cash off the table amid growing unease with the violence in
Iraq," said ETX Capital on Wednesday, noting reports on Tuesday
that at least 50 people were killed after Syrian warplanes hit
targets in western Iraq.
"This rattled sentiment across global markets overnight, driving
up oil prices," ETX Capital added. Prices for West Texas
Intermediate crude (CLQ4) extended gains on Wednesday, trading
above $106 a barrel, while Brent crude futures took a breather
below $114 a barrel.
Oil shares in London climbed on Tuesday, but pulled back with
Brent crude on Wednesday. BP PLC (BP) lost 1.3%, Royal Dutch Shell
declined 1.1% and BG Group PLC moved 0.3% lower.
But Shire PLC (SHPGY) topped the FTSE 100 with a 2.6% advance
after U.S. rival AbbVie Inc. (ABBV) said its proposed bid for Shire
has a "compelling strategic rationale," and offers significant
value to shareholders of both companies. Shire rejected a $46
billion offer from AbbVie last week, saying it undervalued the
company.
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