Mining stocks, Flutter Entertainment hit UK's FTSE 100 (updated)

Mid Penn Bancorp

02/11/2021 09:57

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    * Flutter Entertainment dives on FY guidance cut
    * BoE policy decision due later this week awaited
    * StanChart slides despite profit bump 
    * FTSE 100 down 0.5%, FTSE 250 off 0.2% 

 (Adds comment, updates prices, adds chart)
    By Bansari Mayur Kamdar
    Nov 2 (Reuters) - London's FTSE 100 index dropped on
Tuesday, with mining stocks taking a hit from a slump in iron
ore prices, while shares in online betting group Flutter
Entertainment and Asia-focussed lender Standard Chartered fell
after posting quarterly results.
    The blue-chip FTSE 100 index  .FTSE  eased 0.5% after
closing at fresh February 2020 highs on Monday, while the
domestically focussed mid-cap index  .FTMC  slipped 0.2%.
    Miners BHP Group  BHPB.L , Rio Tinto  RIO.L  and Anglo
American  AAL.L  were among the worst performers on the FTSE 100
as a tumbling iron ore market weighed on metal prices.  MET/L 
    Paddy Power, Betfair and Fanduel owner Flutter Entertainment
 FLTRF.L  dropped 6.1% after it cut its full-year guidance on
unfavourable sports results in October and a temporary exit from
the Netherlands.  urn:newsml:reuters.com:*:nL1N2RT0E5
    BP  BP.L  declined 2.7% even as it reported a sharp rise in
third-quarter profit lifted by soaring oil and natural gas
prices.  urn:newsml:reuters.com:*:nL1N2RT06O
    Standard Chartered  STAN.L  tumbled 8.8% despite reporting a
doubling of its third-quarter profit. The bank said it had $4.2
billion in exposure to China's real estate sector.  urn:newsml:reuters.com:*:nL1N2RT0C9
    "Standard Chartered pointed out that its recovery is going
to be uneven and income could be flat going forward, raising
fears that some of the exuberance we've seen of a rapid
post-pandemic recovery is not going to happen," said Stuart
Cole, head macro economist at Equiti Capital. 
    "We are certainly seeing a slowing picture of growth in the
UK." 
    Supply-chain problems and rising inflationary pressures have
led the FTSE 100 to underperform its European and U.S. peers
that are trading near record levels.
    Investors are on edge ahead of the Bank of England's
interest rate decision on Thursday, with many expecting the
central bank to raise rates for the first time since the
pandemic.
    THG  THG.L  tumbled 7.1% as its biggest institutional
investor BlackRock Inc  BLK.N  offloaded nearly half its stake
in the British e-commerce group at a 10% discount to current
market prices.  urn:newsml:reuters.com:*:nL4N2RS3SD
    

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Standard Chartered underperforms the overall banking index    https://tmsnrt.rs/3EBSfYW
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 (Reporting by Bansari Mayur Kamdar in Bengaluru; editing by
Uttaresh.V and Subhranshu Sahu)
 ((BansariMayur.Kamdar@thomsonreuters.com;))
 
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