(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* Miner Glencore tumbles on disclosing criminal probe
* Consumer stocks, energy, travel stocks lead declines
* Capita jumps on deal to sell legal process software product
* FTSE 100 off 0.8%, FTSE 250 down 0.6% (Adds comment, updates prices to close)
By Susan Mathew
June 22 (Reuters) - UK shares retreated on Monday as a surge in global coronavirus cases sparked fears of more lockdowns and economic damage, while Glencore slipped after disclosing a criminal investigation into the company.
London shares of Glencore GLEN.L touched a three-week low after Switzerland opened a criminal probe against the miner over allegations it had failed to have measures in place to prevent corruption in the Democratic Republic of Congo. decliners included consumer shares such as Diageo DGE.L and Unilever ULVR.L , and battered energy .FTNMX0530 and travel and leisure .FTNMX5750 stocks. the FTSE 250, outsourcing group Capita Plc CPI.L jumped 13.2% on a deal to sell its legal process software product. At the other end of the scale was Carnival (NYSE: CCL ) PLC CCL.L , down 10.2% after its cruise line extended an operational pause in North America until the end of September. stock markets have rebounded since a pandemic-driven crash in March and are on course to rise for a third straight month, supported by stimulus measures and a gradual restart of as businesses.
"Recovery will hinge on the confidence of involuntary savers to spend post-lockdown. One section of the population is flush with cash having experienced a forced rise in savings," said Neil Shearing, group chief economist at Capital Economics.
This will determine if the recovery underway is sustained, stalled or even reversed, he added.
The FTSE 100 still remains about 18% below its January record high and concerns are growing that a second wave of infections could cause more disruption to businesses.
A survey on Monday showed British industrial output recorded its biggest quarterly fall on record during the three months to June, and a further decline is likely in the months to come.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.