Wall Street takes FTSE down 2%

Global concerns about inflation and further rate rises in the US weighed heavily throughout the day, while tumbling commodity prices added to the unease. The mining sector tumbled for a second day, as gold futures fell below $600 an ounce for the first time since April. Kazakhmys led the declines, down 7.20% to 947.50p, while Anglo American fell 3.96% to 1,866p, BHP Billiton dropped 5.08% to 907p and Xstrata declined 4.01% to 1,819p. Royal Bank of Scotland dropped 3.16% to 1,716p after its trading update failed to inspire much confidence. RBS said first-half results would be in line w...