FTSE 100 Slides As Miners Drag

(RTTNews) – U.K. stocks fell on Wednesday, with miners declining after data showed China’s factory gate prices rose at their fastest annual pace in over 12 years in May on the back of surging commodity prices.

Investors await the release of U.S. inflation data on Thursday that could offer clues on the Federal Reserve’s stance on tapering monetary stimulus.

The benchmark FTSE 100 dropped 47 points, or 0.7 percent, to 7,048 after rising 0.3 percent on Tuesday.

A sharp rise in Chinese factory prices weighed on the mining sector, with Anglo American, BHP, Rio Tinto, Antofagasta and Glencore falling between 1.4 percent and 2.5 percent.

Rolls-Royce Holdings shares rose half a percent. The aerospace company said that it has appointed Anita Frew as a Non-Executive Director and Chair Designate.

Airline EasyJet rallied 2.4 percent, Ryanair Holdings added 2.2 percent and British Airways-owner IAG jumped 3 percent after the U.S. Centers for Disease Control and Prevention (CDC) eased travel recommendations for more than 110 countries and territories.