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Concerns over global growth

Thursday, June 12 09:11:36

Britain's top share index edged lower on Thursday, pegged backed by globally exposed stocks sensitive to optimism on the economy, hemming the FTSE into its recent range.

Miners fell 1.5 percent and accounted for 6 of the top 10 fallers on the FTSE 100, near a three month low.

The sector suffered as copper was pegged back at one month lows, with investors fretful over demand in China, the world's top metals consumer.

Stocks remained weak for a second straight day after the World Bank trimmed its global growth forecast late on Tuesday, saying a confluence of events, from the Ukraine crisis to unusually cold weather in the United States, dampened economic expansion in the first half of the year.

Evaporating confidence in the strength of global growth has dented the FTSE 100's performance so far year to date, which unlike the U.S. S&P 500 has been unable to make new all time highs.

In all, the FTSE 100 was down 0.1 percent to 6,834.91 points, taking its yearly return so far to 1.2 percent, compared to a 6 percent gain for the French CAC and a 5.8 percent rise for the euro zone's EuroSTOXX 50.

The UK's underperformance against the rest of Europe has been exacerbated by further monetary easing in the euro zone, which has strengthened the pound in comparison to the euro, hitting exporters.

This has seen the FTSE 100 remain in a tight 130 point range that has persisted since the beginning of May, while other European indexes have pushed up to new multi-year highs, buoyed by stimulus from the European Central Bank. (Reuters)