Chinese slowdown fears hurt miners
Monday 10 March 2014
Spooked investors dumped mining stocks today as the latest worries over a slowdown in China gripped markets.
Miners — nearly 9 per cent of the blue-chip benchmark’s value — accounted for the top five fallers, as dealers responded to a dramatic 18.1 per cent year on year fall in Chinese exports.
The far worse than expected decline for the world’s second biggest economy came as Japan cut its growth estimate for the October-December quarter to 0.7 per cent from 1 per cent, and unveiled a record current account deficit.
Any sign of a slowdown in China dents industrial metal prices and spells bad news for raw materials stocks. The London Metal Exchange’s three-month copper contract fell as much as 4% to its lowest level since last June.
Aluminium, nickel and zinc prices also fell, as markets absorbed the first ever debt default in China’s bond market, heightening concerns over financial stability.
The growth worries also hit Brent crude oil, which slipped 90 cents to $108.11 (£64.90) a barrel.
- 2 Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Kenya bus attack: Primary school head teacher plays dead to escape slaughter by Islamic extremists
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Rochester aftermath: Sacking of Emily Thornberry will make work of Labour MPs '10 times harder'
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...