Business

Friday 9 December 2016

Weaker miners drag down European shares to one-week low

Published 08/03/2016 | 08:37

The London Stock Exchange. Photo: PA
The London Stock Exchange. Photo: PA

European shares slipped to a one-week low on Tuesday, with a drop in industrial metals prices following poor trade data from China, the world's top metals consumer, putting pressure on the mining sector.

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China's February trade performance was far worse than economists had expected, with exports tumbling the most in over six years, days after top leaders sought to reassure investors that the outlook for the world's second-largest economy remains solid.

The STOXX Europe 600 Basic Resources index fell 3.6pc, the top sectoral decliner, dragged down by a 4.2 to 5.7pc fall in shares of BHP Billiton, Anglo American , Rio Tinto and Glencore.

The pan-European FTSEurofirst 300 index, which reached one-month highs on Friday after three straight weeks of gains, fell 1.1pc to its lowest level in a week.

Shares in French supermarket retailer Casino also fell by around 1pc after US research firm Muddy Waters launched a new attack on the company. Casino had no immediate comment in response to Muddy Waters' report.

However, luxury goods group Burberry rose 4.5pc after the Financial Times reported that Burberry was seeking help to fight off a takeover bid.

Reuters

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