U.K. stocks finished with losses after a broad-based decline Monday, as investors assessed what U.S. President Donald Trump’s immigration ban means for the recent so-called “Trump trade” and for businesses worldwide.

The FTSE 100 UKX, -0.70% fell 0.9% to close at 7,118.48. The index on Friday rose 0.3%, trimming the loss it notched last week to 0.2%.

Trump’s executive order this weekend banning citizens of seven predominantly Muslim countries from entering the U.S. was met by two days of protests at American airports.

Read:Kellyanne Conway: Chaos at airports after immigration order is a small price to pay

Trump order barring refugees sparks protests, praise

“If price action is any guide, it would appear that his new executive order regarding immigration signed over the weekend appears to have gone down less well with financial markets,” said Michael Hewson, chief market analyst at CMC Markets UK, in a note. “Early weakness in the U.S. dollar and Asia stocks suggest that markets fear some significant economic blowback.”

The U.S. dollar DXY, +0.03% had pulled back Monday against major rivals, but most dollar-denominated commodity prices weren’t pushing higher. Oil prices US:CLH7 UK:LCOH7 were slipping Monday, extending losses logged Friday on concerns about rising U.S. oil output.

Read:‘Correction potential’ for oil is only getting bigger, warns Commerzbank

Shares of oil producer BP PLC UK:BP BP, -3.47% fell 2.2%, and rival Royal Dutch Shell PLC RDSB, -2.09% RDS.B, -2.62% dropped 1.8%.

Mining shares were also in the red, with Anglo American PLC AAL, +0.50% down 2.6%, BHP Billiton PLC UK:BLT BHP, -1.40% BHP, +1.31% losing 2.4%, and Rio Tinto PLC RIO, +0.34% RIO, -0.46% RIO, +1.26% finishing lower by 1.9%.

Most equity markets worldwide have climbed in the wake of Trump’s election in November in anticipation that his plans for fiscal spending could accelerate growth in the world’s largest economy and spur inflation.

“As far as businesses are concerned, the fallout has been negative [with] the ban receiving criticism from all over the business community including the CEOs of Google and Netflix, amongst others,” said Hewson.

Alphabet’s Google Inc. GOOG, -2.37% GOOGL, -2.41% , Microsoft Corp. MSFT, -1.24% and Apple Inc. AAPL, -3.17% were among the technology companies whose leaders criticized Trump’s order.

See also:Koch Group says Trump’s travel ban is ‘the wrong approach’

At least seven Republican senators also criticized the move. Trump lashed out against two of them, calling Republican Senators John McCain and Lindsey Graham “weak on immigration”.

The White House now says green-card holders are not affected by the ban.

The office of U.K. Prime Minister Theresa May said Sunday that Britain is opposed to the entry ban. May and Trump met in Washington on Friday. The two agreed to have their respective countries start bi-lateral talks to set the foundation for a full trade agreement after the U.K. leaves the European Union, or Brexit.

Read:Brexit heads to parliament — what happens next?

Also:Petition calling for U.K. to cancel Trump’s state visit hits 1 million signatures

Other movers: Vodafone PLC VOD, +0.29% VOD, -0.07% rose 1.3% as the company said it’s in talks with Aditya Birla Group to purchase its Idea Cellular Ltd. 532822, unit. Idea Cellular shares in Mumbai rallied 27%.

Lloyds Banking Group PLC LLOY, -3.86% LYG, -3.05% finished down by 1.5%. The U.K. government has cut its stake in the U.K.’s largest retail bank to 3.57 billion shares, or 4.998% of its issued share capital. The government previously held 4.24 billion shares. Lloyds was bailed out by U.K. taxpayers during the financial crisis, with the government taking a 39% stake.

The pound GBPUSD, -0.42% was buying $1.2476 compared with $1.2545 late Friday in New York.

Investors in Thursday’s trade will watch for the Bank of England’s updated inflation and growth forecasts. Analysts widely foresee inflation expectations to increase while the bank is likely to hold the key interest rate at a record low 0.25%.