Miners, broker downgrades weigh on UK's FTSE 100

UK's top share index fell on Tuesday, as miners came under pressure for a third day after metal prices slumped on worries over fresh COVID-19 lockdowns in China, while a handful of bearish brokerage actions also weighed on stocks.

UK's top share index fell on Tuesday, as miners came under pressure for a third day after metal prices slumped on worries over fresh COVID-19 lockdowns in China, while a handful of bearish brokerage actions also weighed on stocks. The blue-chip FTSE 100 was down 0.5% by 0731 GMT and the domestically oriented FTSE 250 index dropped 0.9%.

Britain's industrial metals and mining index dropped 2.1% as copper prices slid on the back of a strong U.S. dollar and COVID-19 curbs in top consumer China and higher benchmark interest rates globally. Meanwhile, Britain's new prime minister will be announced on Sept. 5, with the first votes to begin eliminating candidates in a crowded and increasingly unpredictable and divisive contest to replace Boris Johnson this week.

Mall operator Hammerson tumbled 7.6% and real-estate firm British Land fell 3.2% after Royal Bank of Canada downgraded their shares to "underperform". Among mid-caps, shares of Plus500 climbed 3.1% after the online trading platform forecast its annual revenue and profit ahead of market expectations, benefiting from a surge in market volatility.