U.K. Stocks Dropping in Global Selloff Head for One-Month Low
(Bloomberg) -- British shares joined a global selloff after polls indicated a tightening race between Hillary Clinton and Donald Trump in next week's U.S. presidential election.
The FTSE 100 Index fell 0.4 percent at 10:09 a.m. in London, sliding for a third day as most of its shares declined. A gauge of miners dropped for a second day, while another one tracking banks slipped for a fourth day for the first time since June after reaching this year's high last week.
Volatility across equity markets and asset classes has jumped in recent days, and a gauge tracking expected swings in the FTSE 100 climbed for an eighth day, its longest streak since December 2013. During the period, it jumped 40 percent, the most since before the Brexit vote.
Among stocks rising, Next Plc gained 4 percent as better-than-expected cost savings helped the retailer keep its annual profit forecast virtually unchanged. EasyJet Plc advanced 3.5 percent, heading for its highest price in almost a month, after HSBC Holdings Plc recommended buying the stock. Fresnillo Plc and Randgold Resources Ltd. climbed as gold rose for a fifth day.
The FTSE 250 Index of mid-cap shares also fell, while a gauge of smaller companies was little changed. The regional Stoxx Europe 600 Index retreated for an eighth day, its longest streak since October 2014.
To contact the reporter on this story: Cecile Vannucci in London at cvannucci1@bloomberg.net. To contact the editor responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net.
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