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LONDON MARKETS: U.K. Stocks Slide As Miners Drop On China Data

U.K.'s benchmark FTSE 100 stock index retreated from a 13-year high on Thursday, with resource firms adding pressure after disappointing Chinese manufacturing data fueled worries about growth recovery in the Asian nation.The FTSE 100 index slumped 2.1% to 6,696.79, after climbing to the highest close since December 1999 on Wednesday.Mining firms were among the biggest decliners, after weaker-than-expected data from China stoked concerns that demand for natural resources will decline in line with lower growth prospects. HSBC's preliminary or "flash" version of its Purchasing Managers' Index for May fell to a seven-month low of 49.6, down from April's final reading of 50.4. A result below 50 signals contraction."The reading pretty much dashed hopes of a Q2 growth recovery,"said Wei Yao, China economist at SociÛtÛ GÛnÛrale."In light of this report, we expect the official manufacturing PMI (due on 1 June) to follow suit and tank below the boom-bust line to 49.9. As the central government l...

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