NEW YORK: U.K. stocks headed for their biggest decline since July 7.
ARM Holdings Plc slid 3.1 percent after reporting sales that missed analysts’ estimates and as Apple Inc., which uses its chip technology, sold fewer-than-estimated iPhones. BHP Billiton Ltd. fell 3.6 percent after saying petroleum, copper and coal output will drop in fiscal 2016. It led a slide in miners as commodities resumed a decline. Ashtead Group Plc lost 2.6 percent after Bank of America Corp. cut its rating on the stock to the equivalent of a sell.
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The FTSE 100 Index dropped 0.8 percent to 6,714.5 at 10:33 a.m. in London for one of the biggest slides among western-European markets. The FTSE All-Share Index lost 0.7 percent, while Ireland’s ISEQ Index gained 0.5 percent.
EasyJet Plc climbed 4.4 percent after saying sales in the summer period are recovering and pretax profit for the year ending Sept. 30 is set to increase by as much as 14 percent. Sage Group Plc added 2 percent after saying organic revenue increased.
The Bank of England released the minutes of its July Monetary Policy Committee. It said a growing number of policy makers have become concerned about rising inflation pressures, indicating building momentum toward the first rate increase in eight years.
http://www.bloomberg.com/news/articles/2015-07-22/u-k-stocks-decline-second-day-as-arm-commodity-producers-fall
