FTSE 100 tumbles ahead of BoE update on policy

On Thursday, British shares went down taking their cue from their gloomy tone of global equiety markets, as traders waited to hear the latest on the national monetary policy from the Bank of England.   

The FTSE 100 was deprived of 0.8%, trading at 6,116.21 with just several financial instruments going up. On Wednesday, the London benchmark boasted a 0.1% revenue.

Thursday’s drop in London tracked a mixed Asian trading session, following a negative US close on Wednesday.      

While crude prices leapt on a surprise drawdown in American oil inventories, it failed to compensate some gloomy corporate earnings reports, especially from the retail sector.

On Thursday, crude prices turned somewhat higher after easing back overnight. American crude oil stockpiles upstages experts’ expectations by sagging 3.4 million barrels by May 6 as Energy Information Administration states.      

As for movers, we should point out to Mondi PLC with its 2.3% rise. The packaging and paper group reported a 14% surge in underlying first-quarter operating revenue.    

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