U.K. stocks drop on speculation U.S. lawmakers might fail to increase the debt-ceiling

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Source: Dukascopy Bank SA
U.K. blue chips extended their losses for a second straight day on hovering concerns over U.S. lawmakers failing to increase the federal government's debt-ceiling, pairing with disappointing data on Germany's economy. All but two groups in the index declined with technology and utility shares posting biggest losses, as they fell 0.49% and 0.48%, respectively. Anglo American paired biggest losses in the index, by losing 4.3%. Furthermore, ARM Holdings, microprocessor IP licensing company, dropped 4%, pacing losses in the technology group, as the analyst of Morgan Stanley Francois Meunier downgraded his rating on the company from overweight to equal weight. Meanwhile, the best performing company Burberry, luxury-goods company, climbed 3.9%, as rising demand for higher-priced styles boosted sales in Burberry's own shops. Burberry said that its revenue rallied 7% to 613 million pounds. Furthermore, Pearson gained 3.6%, capping further decline in consumer services sector that erased 0.42%.
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Tue, 15 Jan 2013 16:38:43 GMT

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