By Preeti Upadhyaya, MarketWatch
LONDON (MarketWatch) ? U.K. stocks were sharply lower on Monday as concerns about Spain and Greece spooked investors out of risky assets, while resource firms and banks added further pressure.
The FTSE 100 /quotes/zigman/3173262 UK:UKX -2.34% fell 2% to 5,537.70, leaving the index on track to close at its lowest level since June 28.
/quotes/zigman/3173262 UKX 5,519.77, -132.00, -2.34%The index dropped 1.1% on Friday on renewed concern that Spain could be forced to seek a full sovereign bailout as borrowing costs soared above 7% for the 10-year government bond /quotes/zigman/4869131/delayed ES:10YR_ESP +2.94% .
Meanwhile, euro-zone finance ministers approved an agreement with Spain on Friday allowing the country to borrow as much as 100 billion euros ($121 billion) to help its ailing banking sector.
IMF and Greece
Pressure remained on U.K. and European stocks on Monday, as a German news report over the weekend said that the International Monetary Fund is prepared to stop aid payments to Greece, increasing the likelihood the country will be insolvent as early as September. Read about Spain and Greece
Oil firms put downward pressure on the U.K. index, as oil prices fell. BG Group PLC /quotes/zigman/249967 UK:BG -3.92% lost 3.4% and BP PLC /quotes/zigman/210014 UK:BP -2.43% ? /quotes/zigman/247026/quotes/nls/bp BP -0.74% was down 2.3%. Royal Dutch Shell PLC /quotes/zigman/359955 UK:RDSB -2.07% /quotes/zigman/379012/quotes/nls/rds.b RDS.B -0.61% /quotes/zigman/379078/quotes/nls/rds.a RDS.A -0.55% /quotes/zigman/359915 UK:RDSA -1.89% shed 1.5%.
Olympic torch above London Eye
A torch bearer carries the Olympic flame during a once in a lifetime ride on top of the London Eye. Courtesy of Reuters. Photo: Reuters.
Leading the U.K. index further south, mining firms slumped as metals prices were down across the board.
Evraz PLC /quotes/zigman/7218774 UK:EVR -8.58% dropped 6.8% and Anglo American PLC /quotes/zigman/470624 UK:AAL -3.87% fell 3.8%.
Vedanta Resources PLC B /quotes/zigman/336962 UK:VED -5.39% shed 3.4% and industry giant Rio Tinto PLC /quotes/zigman/155899 UK:RIO -3.53% /quotes/zigman/182541/quotes/nls/rio RIO -3.02% let go 2.7%. BHP Billiton PLC /quotes/zigman/184879 UK:BLT -3.55% /quotes/zigman/270355/quotes/nls/bhp BHP -1.69% was down 3.1%.
Bank shares also declined, largely spooked by worries about Spain and Greece. Heavyweight HSBC Holdings PLC /quotes/zigman/13843 UK:HSBA -3.56% /quotes/zigman/207333/quotes/nls/hbc HBC -3.25% slid 3%, Royal Bank of Scotland Group PLC /quotes/zigman/10330253 UK:RBS -4.37% /quotes/zigman/530544/quotes/nls/rbs RBS -4.05% fell 3.1% and Barclays PLC /quotes/zigman/152323/quotes/nls/bcs BCS -3.51% ? /quotes/zigman/301787 UK:BARC -4.08% lost 2.1%.
/quotes/zigman/3173262
UK : FTSE Indices
Volume: 0.00
July 23, 2012 2:02p
/quotes/zigman/4869131/delayed ES : ICAP Sovereign Debt
Volume: 0.00
July 23, 2012 9:02a
/quotes/zigman/249967 UK : U.K.: London
Volume: 2.88M
July 23, 2012 2:02p
Market Cap?43.80 billion
/quotes/zigman/210014 UK : U.K.: London
Volume: 8.82M
July 23, 2012 2:02p
Market Cap?83.73 billion
/quotes/zigman/247026/quotes/nls/bp US : U.S.: NYSE
Volume: 5.02M
July 20, 2012 4:01p
Market Cap$130.88 billion
/quotes/zigman/359955 UK : U.K.: London
Volume: 1.33M
July 23, 2012 2:02p
Market Cap?142.91 billion
/quotes/zigman/379012/quotes/nls/rds.b US : U.S.: NYSE
Volume: 1.08M
July 20, 2012 4:07p
Market Cap$223.41 billion
/quotes/zigman/379078/quotes/nls/rds.a US : U.S.: NYSE
Volume: 1.46M
July 20, 2012 4:06p
Market Cap$223.41 billion
/quotes/zigman/359915 UK : U.K.: London
Volume: 1.05M
July 23, 2012 2:02p
Market Cap?142.91 billion
/quotes/zigman/7218774 UK : U.K.: London
Volume: 1.43M
July 23, 2012 2:01p
Rev. per Employee?91,343
/quotes/zigman/470624 UK : U.K.: London
Volume: 1.95M
July 23, 2012 2:01p
Market Cap?28.20 billion
Rev. per Employee?190,759
/quotes/zigman/336962 UK : U.K.: London
Volume: 677,818
July 23, 2012 2:01p
Rev. per Employee?281,656
/quotes/zigman/155899 UK : U.K.: London
2,789.50 p
-102.00 -3.53%
Volume: 3.01M
July 23, 2012 2:02p
Market Cap?40.80 billion
Rev. per Employee?534,026
/quotes/zigman/182541/quotes/nls/rio US : U.S.: NYSE
Volume: 2.71M
July 20, 2012 4:02p
Rev. per Employee$858,542
/quotes/zigman/184879 UK : U.K.: London
Volume: 3.20M
July 23, 2012 2:02p
Market Cap?38.37 billion
/quotes/zigman/270355/quotes/nls/bhp US : U.S.: NYSE
Volume: 2.72M
July 20, 2012 4:00p
Market Cap$104.99 billion
/quotes/zigman/13843 UK : U.K.: London
Volume: 15.58M
July 23, 2012 2:02p
Market Cap?97.61 billion
Rev. per Employee?244,345
/quotes/zigman/207333/quotes/nls/hbc US : U.S.: NYSE
Volume: 4.25M
July 20, 2012 4:01p
Market Cap$152.60 billion
Rev. per Employee$369,480
/quotes/zigman/10330253 UK : U.K.: London
Volume: 6.96M
July 23, 2012 2:01p
Market Cap?22.76 billion
Rev. per Employee?273,387
/quotes/zigman/530544/quotes/nls/rbs US : U.S.: NYSE
Volume: 579,445
July 20, 2012 4:06p
Rev. per Employee$423,098
/quotes/zigman/152323/quotes/nls/bcs US : U.S.: NYSE
Volume: 4.85M
July 20, 2012 4:02p
Rev. per Employee$487,429
/quotes/zigman/301787 UK : U.K.: London
Volume: 31.86M
July 23, 2012 2:02p
Market Cap?19.48 billion
Rev. per Employee?305,514
Preeti Upadhyaya is a MarketWatch reporter, based in London.
Words used in this article:Source: http://feeds.marketwatch.com/~r/marketwatch/financial/~3/-P23VXhYAWo/story.asp
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