UK stocks drop despite successful Spain's debt auction

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Source: Dukascopy Bank SA
UK stocks are trading lower on Tuesday after Spanish debt sale. Spain sold EUR4.6 billion of bills, slightly above the target. The borrowing costs declined and Spain's 10-year bonds increased for the first time in four days even despite uncertainty whether the country will seek a new bailout. Meanwhile, UK CPI rose in August to annualized 2.5%, being in line with expectations. The FTSE 100 Index lost 0.68% to trade at 5,854.74. Four sectors within the index climbed. Telecommunications and consumer goods were the top-performers, with Vodafone and Associated British Foods rising 1.70% and 0.31%. At the same time, oil and gas companies and financials created pressure on the UK stock index. BG Group and BP dropped 2.32% and 3.13% while Barclays and HSBC fell 2.37% and 1.70%. Meanwhile, Aviva lost 4.26% after Deutsche Bank downgraded its stock to ‘hold' from ‘buy'.


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