Miners drag down Britain’s FTSE on ascent China concerns

No Comment 0 View


* FTSE 100 down 0.8 pct

* China worries mount, miners fall

* ARM down on Apple iPhone prolongation cut

* Royal Mail rises on upgrade

By Kit Rees

Jan 6 LONDON UK shares stumbled on Wednesday as
commodity-related companies were strike by uninformed worries over
weakness in China, a world’s largest consumer of metals, while
North Korea’s chief exam dented wider confidence.

The People’s Bank of China set a weaker median for the
yuan, and a private consult showed that activity in China’s
services zone stretched during a slowest rate in 17 months in
December.

The FTSE 350 Mining Index fell 2.5, with BHP
Billiton, Antofagasta, Rio Tinto,
Glencore and Anglo American down between 1.1
and 3.8 percent.

“We are in a new universe – China’s not flourishing (in) double
digits, direct for tender materials has depressed by a floor
and it’s both a supply and direct side problem,” Mike van
Dulken, conduct of investigate during Accendo Markets, said.

The blue-chip FTSE 100 index was down 0.8 at
6,090.23 points during 0926 GMT, somewhat underperforming the
broader European market.

Oil and gas shares were also underneath pressure, with BG Group
and Royal Dutch Shell retreating 0.2 and 0.7
percent respectively as a cost of oil slipped subsequent $36 a
barrel on concerns over flourishing supply and rising batch levels.

Also in disastrous domain was chipmaker ARM Holdings
, down 3 percent and attack a lowest turn in over two
months after Nikkei reported that Apple is approaching to cut
production of a iPhone 6S and 6S and models by around 30
percent in a Jan to Mar quarter.

Investor view was cooled serve after North Korea,
which has been underneath U.N. Security Council sanctions, pronounced that
it had successfully tested a miniaturised hydrogen nuclear
device on Wednesday, reigniting geopolitical tensions.

The FTSE 350 Aerospace and Defence index
advanced 0.6 percent, with BAE Systems a tip gainer,
up 1.8 percent.

Also among a tip gainers was Royal Mail, rising
1.6 percent after Barclays upgraded a cost aim on the
stock. Analysts pronounced that a association was in duration of
transformation with aloft expansion than a postal peers on the
cards for a subsequent few years.

(Reporting by Kit Rees; Editing by Toby Chopra)

In : Business

About the author

Leave a Reply

Your email address will not be published. Required fields are marked (required)

*

code

Mojo Marketplace