London — British shares slumped to a near two-year low on Friday on growing concerns about slowing earnings growth, with investors punishing Rolls Royce and RBS. The FTSE 100, on track for its biggest monthly drop in a decade, closed down 1.4% as selling accelerated after a weak start on Wall Street where grim earnings from Amazon and Alphabet shook confidence. Financials led the UK pack lower with a 21-point drop, followed by the energy sector, which was hit by weaker oil prices and a strengthening US dollar after better-than-expected US GDP data. Only 10 stocks were in positive territory, with Randgold Resources rising 3.6% as investors sought shelter in safe-haven gold assets and defensive sectors. Bullion hit three-month highs. Notching up a fifth straight weekly loss, the Midcap FTSE 250 was down 1.2%. Pan European stocks were set for their biggest monthly drop since August 2011. Downbeat corporate outlooks A slew of downbeat corporate outlooks with warnings of higher raw mater...
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