Picture used for illustrative purpose. File
London-listed shares dove on Thursday as the Bank of England forecast a slower-than-expected rebound from the COVID-19 pandemic, while Glencore tumbled after scrapping its dividend to pay down debt.
The miner fell 4.6% as it also booked a $3.2 billion impairment charge, driving the FTSE 100 down 1.2%.
ITV, Britain's biggest free-to-air commercial broadcaster, was also among the biggest decliners on the FTSE 100 after it posted a 50% drop in first-half adjusted earnings.
The mid-cap FTSE 250 was down 0.7%, with industrial, real estate and financial stocks among the biggest drags.
The Bank of England said on Thursday the British economy would not recover its end-2019 size until the end of next year, later than its earlier estimate of a recovery by the second half of 2021. In its policy decision, the central bank made no changes to its key interest rate or its bond-buying programme.
The blue-chip FTSE 100 was up 1.3%, with fewer than 10 stocks in the red in early trading, while the mid-cap FTSE 250 added 1.0%, led by the auto, personal goods and mining sectors.
London-listed stocks snapped two straight sessions of gains on Tuesday as fears of another wave of the COVID-19 pandemic overshadowed signs of a tentative economic recovery in May.
The blue-chip FTSE 100 was down 0.1%, The mid-cap FTSE 250 dipped 0.3%, with losses in industrial, energy and tech-related stocks.
Tower A, the Elite building of Bloom Towers, consists of 255 premium residential units ranging from one-bedroom to three- bedroom apartments with sizes from 700 to 1,600 sqft available to purchase with prices starting from Dhs750,000, offering homeowners and investors great opportunities to secure exceptional long-term value and a guaranteed 8% return on investment for three years.
The Cabinet, chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the issuance of a federal decree-law
Marwan Bin Jassim Al Sarkal, Executive Chairman of Sharjah Investment and Development Authority (Shurooq), affirmed that Sharjah continues its efforts to further diversify its economy