London stocks slide as BoE sees slower recovery; Glencore slumps

06 Aug 2020 / 15:14 H.

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    * FTSE 100 down 1.2%, FTSE 250 off 0.7%

    Aug 6 (Reuters) - London-listed shares dove on Thursday as the Bank of England forecast a slower-than-expected rebound from the COVID-19 pandemic, while Glencore tumbled after scrapping its dividend to pay down debt.

    The miner fell 4.6% as it also booked a $3.2 billion impairment charge, driving the FTSE 100 down 1.2%.

    ITV, Britain's biggest free-to-air commercial broadcaster, was also among the biggest decliners on the FTSE 100 after it posted a 50% drop in first-half adjusted earnings.

    The mid-cap FTSE 250 was down 0.7%, with industrial, real estate and financial stocks among the biggest drags.

    The Bank of England said on Thursday the British economy would not recover its end-2019 size until the end of next year, later than its earlier estimate of a recovery by the second half of 2021. In its policy decision, the central bank made no changes to its key interest rate or its bond-buying programme. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Arun Koyyur)

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