You are here: Home - Investing -

Weak China data drags markets and metals down

Written by:
The FTSE 100 looks set to replicate the falls seen in Asian markets overnight as weak manufacturing data from China dragged on shares and sent metal prices downwards.

Miners were amongst the biggest fallers on the FTSE, which was down 0.61% or 36 points to 5,852.48, on fresh concerns China’s demand for oil and metals would slow.

Basic materials stocks were down 2.37% with Evraz (-3.93%), Vedanta Resources (-3.33%) and Kazakhmys (-2.93%) among the biggest losers.

Manufacturing output contracted this month exacerbating worries Chinese GDP growth will slow further.

The news reversed some of the gains brought about by central bank stimulus in the past weeks. This week the Bank of Japan unleashed further quantitative easing to boost its economy and, while the Nikkei 225 moved higher initially, it closed down 1.57% to 9,086.98 this morning. The Shanghai index closed 2.08% down at 2,024.84.

Commodities also suffered quite heavy falls with Brent crude oil falling 0.92% to $107.2. After a solid few months for gold, it was among the precious metals to decline on the weak data, down 0.72% to $1,758.9 per oz while silver dropped 1.15% to $34.190.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
UK retail sales for August down on previous estimate

UK retail sales fell by 0.2% month-on-month in August, according to the latest data out from the Office for National...