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UK's FTSE 100 has worst day in four weeks; Ashtead slumps



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FTSE 100 down 0.9%, FTMC down 0.4%

Ashtead falls on profit warning and proposed listing move

NCC Group declines after company swings to FY loss

Updated at market close

Dec 10 (Reuters) -Britain's FTSE 100 fell on Tuesday as mining shares slipped, while Ashtead dropped after it warned of lower than expected annual profit and proposed to move its primary listing to New York from London.

The blue-chip FTSE 100 .FTSE fell 0.9%, its worst day since Nov. 12, while the midcap FTSE 250 .FTMC was down 0.4% in its worst session for two weeks.

Shares of miners Glencore GLEN.L, Antofagasta ANTO.L and Anglo American AAL.L fell between 1.1% and 3.5% as copper prices slipped, under pressure from a slowdown in China's export growth and a stronger dollar. MET/L

Metal prices had rallied in the previous session on China's planned move towards a "moderately loose" monetary policy for the first time since 2010.

Ashtead AHT.L dropped 14% to the bottom of the FTSE 100. The equipment rental firm said it was proposing to move its primary listing to New York from London and also warned of lower than expected annual profit due to a weak commercial construction market in the United States.

Ashtead joins a growing list of companies moving away from European listings in favour of U.S. markets, where valuations are generally higher.

Precious metal miners .FTNMX551030 fell 1.7%, while aerospace and defence stocks .FTNMX502010 saw the biggest sector fall, down 2.1%.

Separately, NCC Group NCCG.L dropped 15.3% to the bottom of the mid-cap index after the cyber security firm swung to an annual operating loss.

FirstGroup FGP.L was a bright spot, rising 6.5%, after the public transport operator agreed to acquire RATP London.

Investors awaited key U.S. inflation data on Wednesday that could cement bets on a Federal Reserve rate cut on Dec. 18.

In the UK, the spotlight is on Friday's gross domestic product estimate for October, which could influence the Bank of England's interest rate trajectory. Traders expect the BoE to hold rates in its policy decision next week. 0#BOEWATCH

British stocks saw their first monthly inflow in five years in November, potentially marking a turning point, as cheap valuations, political stability and Britain's relative immunity to escalating trade tensions attract investors.

Separately, British shoppers faced increased pressure on their budgets in November after grocery price inflation edged higher for the third month in a row, industry data showed.

Recruitment platform Indeed said job vacancies have dried up faster in the United Kingdom than in similar countries over the past year, pointing to a loss of momentum in the economy in the second half of 2024.



Reporting by Nikhil Sharma and Sukriti Gupta. Editing by Janane Venkatraman and Mark Potter

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