LONDON MARKETS: FTSE 100 Yanked Lower As China Data Weigh On Commodity Shares
13 October 2015 - 9:13AM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. stocks fell Tuesday, with commodity-related shares under
pressure after fresh Chinese export data underscored concerns about
slowing growth in the world's second-largest economy.
But SABMiller PLC (SAB.JO) (SAB.JO) shares jumped as the brewer
reached an agreement for a potential takeover.
The FTSE 100 dropped 0.6% to 6,331.70. The fall was led by
pullbacks in the basic materials and oil and gas sectors, which are
sensitive to developments from China, a major buyer of natural
resources and related products. China's General Administration of
Customs on Tuesday said both Chinese exports and imports fell in
September
(http://www.marketwatch.com/story/china-exports-imports-fall-in-september-2015-10-13)in
yuan terms, down 3.7% year-on-year.
Among miners, shares of Glencore PLC (GLEN.LN) were down 4.7%
and Anglo American PLC (AAL.LN) lost 3.2%. Meanwhile, oil major
Royal Dutch Shell PLC (RDSB.LN)(RDSB.LN) shares fell 2.1%.
Meanwhile, SABMiller shares rose 9% after the beermaker's board
agreed to the key terms of a sweetened potential takeover offer
(http://www.marketwatch.com/story/sabmiller-ab-inbev-agree-on-deal-in-principle-2015-10-13-24854852)
by rivla Anheuser-Busch InBev NV (ABI.BT) (ABI.BT). A deal would
value SABMiller at GBP68 billion ($104.5 billion).
In the banking space, shares of Barclays PLC (BCS)(BCS) were off
1.4%. The bank is expected to name Jes Staley, a former J.P. Morgan
Chase & Co. executive, as its next CEO
(http://www.marketwatch.com/story/barclays-preparing-to-name-jes-staley-its-ceo-2015-10-12).
Investors will watch for U.K. inflation figures for September,
due at 9:30 a.m. London time, or 4:30 a.m. Eastern Time. The pound
was trading at $1.5365 compared with $1.5347 late Monday in New
York.
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(END) Dow Jones Newswires
October 13, 2015 03:58 ET (07:58 GMT)
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