LONDON (dpa-AFX) - U.K. stocks are down in negative territory Monday morning, weighed down by rating downgrades of a few big name stocks.
The benchmark FTSE 100 is down marginally even as other key index in Europe, such as the DAX and CAC 40, are up firmly in positive territory.
The FTSE 100, which dropped to 8,197.50 earlier in the session,
On the economic front, S&P Global UK Services PMI rose to 51.4 in December 2024, up from November's 13-month low of 50.8 and exceeding expectations of 51, preliminary data showed.
The S&P Global UK Composite PMI was at 50.5 in December of 2024, remaining unchanged from the previous month and loosely in line with market expectations of 50.7, according to a flash estimate.
WPP is down more than 3%. Rolls-Royce Holdings is down nearly 3% is down after Citigroup cut the stock's rating. Unilever is down sharply after RBC lowered the stock's rating, citing concerns over excessive share outperformance.
Barratt Redrow is declining 2.5%. IAG, EasyJet, Marks & Spencer and BAE Systems are down 1.4 to 2%. Centrica, Rio Tinto, Mondi, Glencore, British American Tobacc, Hiscox and Melrose Industries are lower by 0.7 to 1%.
Intermediate Capital is rising nearly 2.7%. B&M European Value Retail is gaining about 2.5%, while Diploma, Experian, The Sage Group, Lloyds Banking Group, Standard Chartered, Pershing Square Holdings, Scottish Mortgage, Halma, Convatec Group, Next, Entain and Natwest Group are up 1 to 1.7%.
Shares of instrumentation and controls provider Spectris Plc are up 2.3% after HSBC upgraded the stock's rating to 'buy' from 'hold'.
A report from the Society of Motor Manufacturers and Traders Limited (SMMT) said new passenger car registrations in the UK slipped 0.2% year-on-year to 140,786 units in December 2024. Despite the December decline, new registrations saw a 2.6% rise in 2024, with 1,952,778 units sold, marking a second consecutive year of growth.
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