UK stocks retreat on renewed Greek concerns

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Source: Dukascopy Bank SA
© Scanpix/AFP
UK equities declined, heading for the largest weekly slump in two months amid lingering concerns over the US fiscal cliff. Moreover, rising worries over whether Greece will get a new tranche of the bailout added to losses of the UK equities. German Finance Minister Wolfgang Schaeuble said that it may be too early to grant more aid to Greece. However, positive news from national economy restricted the downswing. The UK trade balance rose more than expected last month. The FTSE 100 Index lost 0.68% to trade at 5,736.84. Only two in ten sectors within the index moved higher. Basic materials and consumer goods were the only gainers, with Croda International and Burberry Group climbing 3.08% and 0.41%. Dragging the UK stock index lower, financials sank 1.48% and 1.29%. Lenders retreated after Credit Agricole posted dismal quarterly results. Shares of Barclays, HSBC and Royal Bank of Scotland dipped 3.17%, 1.14% and 2.26%, respectively.

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