FTSE loses early gains as mining shares slump, with Anglo down 14%

Discussion in 'Market News' started by Lily, May 9, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Poor Chinese trade data revives concerns about a slowdowne

    After a fairly bright start, the weight of a slump in commodity prices finally took its toll on the London market.

    The FTSE 100 fell 10.89 points or 0.18% to 6114.81, with mining shares leading the declines as metal prices fell, with copper hitting a one month low. The catalyst was disappointing Chinese trade data, with imports and exports both falling by more than expected and renewing fears about a slowdown in the world’s second largest economy.

    Wall Street has kicked off the session finding little to cheer and this seems to be dragging on sentiment, although once again we’ve seen the commodity stocks left languishing off the back of those worryingly bad import numbers from China. Commodity stocks have been in focus as a result of this and also some see-sawing in terms of oil prices. Those fires in Canada had been lending some support earlier in the day but the fact Saudi Arabia is set to maintain its strategy of fighting for market share regardless of cost is winning out.

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