Tracing Global Selloff, U.K. Shares Plunge. Financials and Miners Lead Losses

U.K. shares gapped down on Monday, continuing to trade lower after the biggest weekly loss since January recorded last week. The FTSE 100 index lost more than 0.7%, driven lower by losses in banking sector and mining companies.

Financials topped the list of biggest decliners after Trump’s failure at his health-care bill mounted concerns over the possibility of his tax reform and other policies to boost the largest economy in the world. Particularly, shares of Lloyds Banking Group shed 1.93% while those of Barclays and HSBC Holdings PLC dropped 2.4% and 0.71%, respectively.

Due to lower oil and copper prices, major oil companies including BP PLC and Royal Dutch Shell PLC saw their equities trading in a negative territory. Among miners, shares of Glencore PLC slipped 3.64% and those of BHP Billiton PLC declined by 3.53%.

Trade suggestion

Sell Stop at 7270.00, Take profit 7250.00, Stop loss at 7280.00

 

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