U.K. Stocks Drop After Biggest Rally Since January

hhiusa

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U.K. stocks declined, following Friday’s biggest advance since January.

HSBC Holdings Plc fell 1.4 percent after Credit Suisse Group AG said investors are overlooking the lender’s low profitability. St. James’s Place Plc lost 2.3 percent after its best gain since 2011. Glencore Plc and Rio Tinto Group led miners higher after China’s central bank cut interest rates. Royal Mail Plc rose 3.8 percent after rival PostNL NV’s Whistl unit in the U.K. suspended its end-to-end delivery business.

The FTSE 100 Index slid 0.2 percent to 7,029.85 at the close in London, erasing gains of 0.5 percent. Three stocks fell for every two that rose. The benchmark gauge surged 2.3 percent on Friday as banks, utilities and homebuilders rallied after a surprise election win for British Prime Minister David Cameron’s Conservative party.

The FTSE All-Share Index also declined 0.2 percent, while Ireland’s ISEQ Index slipped 0.6 percent.

The Bank of England maintained its benchmark rate at a record low on Monday, as forecast by economists in a Bloomberg survey. The pound climbed on speculation the BOE will signal this week that it’s moving closer to raising interest rates. The central bank releases its Inflation Report on Wednesday.
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