FTSE 100 goes down amid dropping miners
On Tuesday, British stocks were dipping along with mining shares. Nevertheless, HSBC Holdings PLC managed to gain, reacting to the banking heavyweight’s financial results.
The blue-chip FTSE 100 index slumped 0.8%, trading at 6,190.56. it was led by losses amidst commodity stocks. The index had the lowest close since August 7.
Tuesday’s loss would be the second in a row for the index, with Friday’s action leaving it 1.3% lower.
At the beginning of the holiday-shortened week, mining stocks grasped the very bottom of the FTSE 100. Obviously, the moves followed the data unveiling an everlasting contraction in Chinese manufacturing activity.
Then, in April, a private gauge of Chinese factory activity, issued on Tuesday, dropped to 49.4. Miners have appeared to be extremely sensitive to China’s developments. This Asian country is a number one buyer of precious and industrial metals.
Apart from that stocks of Anglo American PLC, copper and platinum producer fell 8.6%, BHP Billiton PLC surged 4.8%, while Glencore PLC sank 5.5%.