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LONDON MARKETS: U.K. Index Drop Ahead Of Bernanke Comments

By Preeti Upadhyaya, MarketWatch LONDON (MarketWatch) -- U.K. stocks traded lower on Tuesday as the market awaited comments from U.S. Federal Reserve Chairman Ben Bernanke and as security firm G4S PLC got hit with a downgrade following its Olympics-contract debacle. The FTSE 100 fell 0.4% to 5,641.32. Bernanke's testimony in Washington is eagerly anticipated, with investors keen to hear if he will make an announcement about a possible third round of quantitative easing by the U.S. central bank. London investors also digested data on U.K. consumer prices, which fell 0.4% to 2.4% in June from May. "U.K. inflation dropped sharply in June to its lowest since November 2009, further alleviating the squeeze on incomes and helping to revive consumer spending," said Chris Williamson, chief economist for Markit, in a note. "However, the same factors that helped push inflation down may soon reverse and drive inflation higher again in coming months," he added, citing prospects for rising food and oil prices. Among individual movers, shares of G4S extended losses from Monday, falling 5.9% as it was downgraded to neutral from buy by Bank of America Merrill Lynch. The firm recently announced it expected to lose up to $78 million on its Olympics contract after coming up short in terms of security staff. The London Games begin on July 27. Also lower, plumbing firm Wolseley PLC dropped 3.1% following an announcement that it will "explore strategic options" for its businesses in France amid difficult business conditions in Europe. Shares of Rio Tinto PLC (RIO) fell 1.9%. The mining giant reported strong second-quarter earnings, but Chief Executive Tom Albanese cited "global economic conditions and sentiment" as reasons for being cautious moving forward. Further weighing on the index, shares of Vodafone Group PLC (VOD) moved down 0.9%. National Grid PLC shed 2.9% to 662 pence after Societe Generale reduced its target price to 642 pence ($10.03) from 682.5 pence. CSR PLC rocketed 31% following news that Samsung Electronics Co. would acquire the U.K.-based semiconductor firm for $310 million. Energy firms also were on the rise as oil prices advanced, with heavyweight BP PLC (BP) up 0.4% and AMEC PLC gaining 1.2%.

Stock News for Companhia Vale (RIO)
DateTimeHeadline
09/01/201514:30:00Rio Tinto contribue financièrement à la construction du pavillon d...
08/26/201504:05:00Anglo Pacific Net Loss Narrows on Higher Royalty Income
08/24/201517:37:00ADRs End Lower; Chinese, Commodities Firms Decline
08/20/201505:59:00From Mining to Refining: Low Commodity Prices Force Shift at...
08/16/201522:19:46Is A$100 a Share Cursed? -- Market Talk
08/13/201506:10:03Glencore Hit by Write-Down, Cuts Capital Spending
08/11/201517:50:53ADRs End Lower; Miners, Steelmakers Among Decliners
08/06/201504:20:51Commodities Slump Slams Rio Tinto Earnings--Update
08/06/201504:20:09Commodities Slump Slams Rio Tinto Earnings
08/06/201503:18:50Commodities Slump Slams Rio Tinto Earnings
08/05/201522:30:25China Shares Fall; Japan Rises Ahead of U.S. Jobs Data
08/04/201504:18:37Australian Shares End Higher, Helped by Earnings and Sales Data
07/28/201504:28:06Australia Shares End Slightly Down; Energy Stocks Rise
07/23/201509:00:00Industrial Metals and Minerals Stocks under Review -- Uranium...
07/23/201503:50:48Fortescue Deepens Cuts as Iron-Ore Downturn Bites
07/22/201506:50:53Tech, Resources Stocks Weigh on European Markets -- Update
07/21/201503:51:17Australia Shares Extend Gains for Sixth Straight Day
07/20/201504:07:10Australia Shares Rise for a Fifth Straight Session
07/16/201518:01:37ADRs End Higher; National Bank of Greece Declines
07/16/201514:26:21Anglo American Takes up to $4 Billion in Write-Downs -- 2nd Update

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