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UK stocks : FTSE 100 drops 1.1 pct

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The FTSE 100 closed down 66.92 points at 6,228.42, lagging major European peers. (Reuters) The FTSE 100 closed down 66.92 points at 6,228.42, lagging major European peers. (Reuters)
SummaryThe FTSE 100 closed down 66.92 points at 6,228.42, lagging major European peers.

economic forecast risks are to the downside will have been very significant," Jeremy Batstone-Carr, analyst at Charles Stanley, said.

"There's been a combination of a number of factors today serving to remind investors that stockmarkets, through their performance, have got very much ahead of operating reality for many firms."

One such firm hit by changing operating realities was Burberry Group, which was the worst-performing blue-chip stock, tumbling 4.6 percent.

Rival luxury goods companies also fell as traders cited a Chinese advertising ban on certain expensive gift items as hurting the sector, undermining the assumption that strong demand from rich emerging market consumers could help support sales.

However, mobile phone operator and market heavyweight Vodafone provided basic support to the market. It rose 0.9 percent, bolstering the FTSE 100 index by 3 points alone, after the group maintained its outlook for the year and analysts expected the firm to dodge earnings forecast cuts, despite weak third-quarter sales.

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