The UK stocks reduced their gains after the report of US economy growing slower than expected in the first quarter. Rio Tinto Group, the metal and mining corporation and Glencore Xstrata Plc each advanced more than 1%. Lloyds Banking Group Plc and HSBC Holdings Plc both advanced by 1.62% and 1.31%, respectfully.
John Wood Group Plc climbed by 2.1% as Morgan Stanley raised its recommendation on the company. Another oil-related company TescoPlc lost 2.1% as JP Morgan Chase & Co. downgraded their shares.
The FTSE 100 climbed 0.3% today, heading for a monthly surge of 3.4%. The benchmark index fell to its lowest level since May 10 following a concern that Federal Reserve could cut back on stimulus.
On Wednesday The European Commission told the UK government that its budget deficit reducing program was lagging behind schedule and that it should seek to raise revenue. The Commission stated that UK should aim to reduce its deficit to 3% of GDP by 2014-1015, a target now the country is expected to miss.
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