U.K. stocks declined for the first time in three days, led by banks, after Alliance & Leicester Plc stated a slump in second-half profit and curtailed its growth target for this year and next.
Kingfisher Plc, Europe 's largest home-improvement retailer, declined after JPMorgan Chase & Co. downgraded the shares, citing concern consumption in most European markets will slow.
Alliance & Leicester, the second-worst performing U.K. bank in the past month, tumbled 16 % to 443 pence, the steepest drop since September. The lender said its previous target for earnings-per-share growth through 2009 of at least 9 % above inflation ``is no longer appropriate'' because of a surge in funding costs and a slowdown in mortgage lending. Second-half profit fell 67 % to 73.1 million pounds ($142 million), or 17.4 pence a share.
Bradford & Bingley Plc, the worst-performing bank stock in the past month, lost 1.4 % to 179.75 pence. HBOS Plc, the U.K. 's biggest mortgage lender, lowered 4.4 % to 630 %.
Kingfisher lost 2.7 % to 133 pence after the shares were downgraded to ``underweight'' from ``neutral'' at JPMorgan.
``We expect the macro environment in the U.K. to deteriorate significantly and consumption in most European markets to slow,'' analysts including London-based Simon Irwin wrote in a report to clients today.
For the time being, one needs to finish the construction of the section that is 100 kilometres long. On October 17, German Foreign Minister Heiko Maas said in an interview with RND that the project would be completed