By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks dropped sharply Wednesday,
led by a slide in mining stocks as copper prices tumbled and the
World Bank downgraded its forecast for global growth.
The FTSE 100 fell 1.2% to 6,463.32 in broad-based losses. Mining
stocks were the worst performers as copper prices fell to levels
not seen since mid-2009 on concerns about a supply glut. At the
same time, the World Bank on Tuesday said it now expects the global
economy to expand 3% in 2015, down from its earlier 2015 forecast
of 3.4%.
In the mining group, shares of copper producer Antofagasta PLC
fell 10%, leading decliners on the FTSE 100. Glencore PLC fell
8.9%, Anglo American PLC lost 7.6%, and BHP Billiton PLC (BHP) gave
up 5.6%. Also, Rio Tinto PLC (RIO) declined 5.1%, and Fresnillo PLC
dropped 5%.
Strengthening in the U.S. economy and the fall in oil prices
won't be enough to offset troubles in the eurozone and emerging
markets, the World Bank said.
AstraZeneca PLC (AZN) was among the few advancers, rising 1.6%
after the drug maker said a study of its blood-thinning Brilinta
tablets showed they reduced the risk of heart attack in patients
who have had previous attacks.
Burberry shares climbed 0.9% as the luxury-goods maker posted
better-than-expected same-store sales growth for the third
quarter.
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