Anglo American shares fell 3.2% to 3,127 pence after JPMorgan downgraded the miner to “underweight” and London stocks slid on oil-driven selling. JPMorgan cited weaker prospects for copper and iron ore, downgrading Anglo, Antofagasta, and Rio Tinto. Anglo reported a $3.7 billion loss for 2025 after a De Beers write-down, with net debt at $8.6 billion. The company is pursuing a merger with Teck Resources and a De Beers sale.