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FTSE 100 Falls As BoE Sees Slower Recovery

U.K. stocks fell sharply on Thursday as Glencore scrapped dividend due to soaring debt and the Bank of England warned of a slower post-pandemic economic rebound.

After holding interest rates and leaving QE targets unchanged, the Bank of England said it does not expect the U.K. economy to exceed its pre-coronavirus levels until the end of 2021.

The benchmark FTSE 100 fell 82 points, or 1.33 percent, to 6,023 after rallying 1.1 percent in the previous session.

Glencore shares slumped 5 percent. The mining and commodity giant reported a net loss of $2.6 billion for the first half of the year compared with a $226 million profit a year earlier.

Phoenix Group Holdings rallied 3.3 percent. The life and pensions consolidator said the recent acquisition of ReAssure from SwissRe will substantially boost cash coming into the group.

Media company ITV declined 1.7 percent after it reported a 17 percent revenue drop for the first half of 2020.

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