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BP BP Plc

38.71
0.04 (0.10%)
04 May 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
BP Plc NYSE:BP NYSE Depository Receipt
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.04 0.10% 38.71 38.74 38.11 38.48 8,071,028 01:00:00

EUROPE MARKETS: FTSE 100 Falls, Logs Weekly Decline As Growth Worries Weigh

15/05/2015 5:35pm

Dow Jones News


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By Carla Mozee, MarketWatch

U.K. stocks fell Friday, dragged lower with other global equity markets on heightened worries about the health of the U.S. economy, the world's largest.

The FTSE 100 shed 0.2% to close at 6,960.49, largely as shares of commodity producers were shoved lower. The British blue-chip benchmark hit intraday lows as European and U.S. stocks (http://www.marketwatch.com/story/dow-looks-set-for-push-into-record-territory-2015-05-15)(DJI) (SPX) fell following poor U.S. economic data.

The loss cut into Thursday's advance of 0.3% (http://www.marketwatch.com/story/ftse-100-slips-with-miners-glaxo-in-the-red-2015-05-14) for the FTSE 100 that came after European Central Bank President Mario Draghi backed the bank's commitment to monetary stimulus for the sluggish economy in the eurozone, a key trading region for the U.K.

As oil prices (CLM5) fell Friday, putting oil's string of eightly gains at risk (http://www.marketwatch.com/story/oil-prices-slips-on-dollar-strength-2015-05-15), shares of oil major Royal Dutch Shell PLC ended 1.4% lower, and BP PLC dropped 1%. Energy-engineering firm Weir Group PLC lost 0.9%

Mining stocks languished in the red. Glencore PLC fell 1.8%, as did Anglo American PLC . Precious metal miner Fresnillo PLC fell 1.2%, and Antofagasta PLC gave up 0.8%. The Chilean copper miner early Friday was downgraded to sell at Liberum.

The FTSE 100 for the week fell 1.2%, its second weekly loss in three.

Friday's slate of dour U.S. data included a larger-than-expected decline in monthly industrial production. A preliminary May reading on consumer sentiment fell to the lowest level in seven months.

In assessing recent data, it appears the rough weather during the winter season cannot be blamed for the poor run of numbers, said Christopher Vecchio, currency analyst at DailyFX, in a note. "Ostensibly, it appears that the U.S. economy is headed toward a recession," and following recent retail sales and trade balance figures, "it's more likely than not that we're going to see the [first-quarter growth] figure revised into negative territory."

The dollar (DXY) was hit as the weak economic figures underscored questions about the Fed's plans to eventually raise interest rates for the first time since 2006. The pound (GBPUSD) was briefly pushed above $1.58, but drifted back to $1.5766 late Friday London time.

Equity advancers on Friday included SABMiller PLC . Shares rose 0.7% after the maker of Peroni and Miller Genuine Draft said it's moving into the U.K. craft beer market by purchasing Meantime Brewing Company. The terms of the deal for Greenwich, London-based Meantime weren't disclosed.

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