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London open: UK stocks extend slide as Chinese data disappoints

Tue, 16th Dec 2014 08:20

Yet more disappointing economic data from China pushed UK stocks lower for the seventh straight session on Tuesday, with markets extending losses despite plunging to an 18-month low the previous session.Not even the news that the Bank of England (BoE) has given a clean bill of health to seven out of eight of the UK's top financial institutions could ease the slide, with sentiment still fragile after the recent sell-off.London's FTSE 100 was trading 0.5% lower at 6,152 early deals.Weighing on stocks was the news that Chinese factory output contracted more than expected this month. HSBC's China manufacturing purchasing managers' index declined from the break-even point of 50 in November to 49.5 in December, worse than the consensus forecast of 49.8.The FTSE 100 sank 1.7% to finish at 6,182.72 on Monday - its worst close since June 2013 - as commodity stocks tanked on the falling oil price.Both Brent and West Texas Intermediate (WTI) crude have fallen by over 45% this year and were continuing to set fresh five-year lows. Brent in particular dropped below $60 a barrel on Tuesday, a level not seen since July 2009."Fear has spread through the markets causing another dismal day for equities, oil and a surprise interest rate hike," said Rocky Muddar, a trader at TradeNext.The recent slide in oil further hammered Russia's rouble on Monday - down 50% against the dollar this year - prompting Moscow to take the drastic move and hike interest rates from 10.5% to 17%.Banks in focus after BoE stress testsSeven out of eight of the UK's largest banks and building societies have passed the BoE's latest round of stress tests, with the struggling Co-operative Bank being the only lender to have failed. BoE governor Mark Carney said that the results show that "the core of the banking system is significantly more resilient".However, both RBS and Lloyds only narrowly managed to exceed the minimum capital buffer of 4.5% under the most severe economic scenario, achieving ratios of just 4.6% and 5.0% respectively. The sector as a whole was trading lower early on.BT Group was subdued after announcing after the close that it intends to buy UK mobile network operator EE for £12.5bn in a cash-and-stock deal. The company will be giving EE's owners Deutsche Telekom and Orange stakes of 12% and 4%, respectively.Mining giants Fresnillo, BHP Billiton and Anglo American were in the red after the worse-than-expected data from top metals user China, while oil producers BP, Tullow Oil and Shell were continuing to track the price of crude lower.Market MoverstechMARK 2,817.81 -0.24%FTSE 100 6,151.93 -0.50%FTSE 250 15,159.66 -0.49%FTSE 100 - RisersUnited Utilities Group (UU.) 912.50p +1.84%Severn Trent (SVT) 1,937.00p +1.25%BAE Systems (BA.) 439.40p +1.01%Hargreaves Lansdown (HL.) 917.00p +0.88%Rolls-Royce Holdings (RR.) 815.50p +0.74%3i Group (III) 416.80p +0.72%Sky (SKY) 869.00p +0.70%Centrica (CNA) 263.90p +0.69%Capita (CPI) 1,008.00p +0.60%Imperial Tobacco Group (IMT) 2,693.00p +0.49%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 3,945.00p -3.64%BP (BP.) 365.10p -2.18%Antofagasta (ANTO) 672.50p -1.97%Fresnillo (FRES) 698.00p -1.97%Mondi (MNDI) 986.50p -1.94%Anglo American (AAL) 1,078.00p -1.87%BHP Billiton (BLT) 1,252.50p -1.84%Tullow Oil (TLW) 352.20p -1.84%Sainsbury (J) (SBRY) 225.20p -1.79%Weir Group (WEIR) 1,683.00p -1.58%FTSE 250 - RisersEuromoney Institutional Investor (ERM) 1,029.00p +2.90%Computacenter (CCC) 595.00p +1.97%NMC Health (NMC) 475.90p +1.69%JD Sports Fashion (JD.) 486.50p +1.50%Caledonia Investments (CLDN) 2,290.30p +1.34%Entertainment One Limited (ETO) 301.50p +1.14%Pennon Group (PNN) 877.50p +1.09%Morgan Advanced Materials (MGAM) 289.40p +1.08%Workspace Group (WKP) 699.50p +1.01%COLT Group SA (COLT) 127.20p +0.95%FTSE 250 - FallersEnQuest (ENQ) 31.37p -8.81%Vedanta Resources (VED) 537.50p -5.04%Home Retail Group (HOME) 179.70p -4.92%Centamin (DI) (CEY) 50.95p -4.86%Evraz (EVR) 114.90p -4.33%Polymetal International (POLY) 572.00p -3.54%Fenner (FENR) 190.60p -3.10%RPS Group (RPS) 200.50p -2.86%Premier Oil (PMO) 147.60p -2.77%Petra Diamonds Ltd.(DI) (PDL) 180.00p -2.65%
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UPDATE 2-FTSE 100 edges down as COVID fears dull festive cheer

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30 Dec 2021 05:33

UPDATE 5-Oil prices rise slightly ahead of OPEC+ meeting next week

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28 Dec 2021 09:41

S.African court halts Shell's offshore seismic survey

CAPE TOWN, Dec 28 (Reuters) - A South African high court on Tuesday blocked Shell from conducting seismic testing offshore from South Africa's pristine Wild Coast, in the latest ruling in a case seeking to prevent the oil major from exploring for...

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27 Dec 2021 14:01

Mexican president says Pemex to close Deer Park deal in January

MEXICO CITY, Dec 27 (Reuters) - Mexican state oil company Petroleos Mexicanos (Pemex) will complete its purchase of a controlling interest in a Texas oil refinery in January, Mexican President Andres Manuel Lopez Obrador said on Monday.Mexico's go...

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24 Dec 2021 10:03

UPDATE 1-Russia says Europe missing out on gas with Nord Stream 2 delay

(Recasts, adds quote, background)MOSCOW, Dec 24 (Reuters) - Europe, struggling with soaring gas prices, is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signalled on Friday.Deputy Prim...

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24 Dec 2021 08:26

Russia's Novak: Nord Stream 2 hindered by politics

MOSCOW, Dec 24 (Reuters) - The launch of the Nord Stream 2 natural gas pipeline is being hindered by politics, but Russia still hopes its certification will be completed by mid-2022, Russian Deputy Prime Minister Alexander Novak said on Friday.The...

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24 Dec 2021 08:19

Russia says Nord Stream 2 a bargaining chip for U.S., EU, Interfax reports

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23 Dec 2021 14:14

Third Point's Loeb slams activists after UK fund chairman quits

LONDON, Dec 23 (Reuters) - Hedge fund Third Point's boss Dan Loeb on Thursday blamed the departure of the chairman of the firm's London-listed fund on "inexperienced" and "juvenile antics" of activist investors.Third Point Investors Limited (TPIL)...

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22 Dec 2021 20:56

Shell declares force majeure on Nigerian Forcados crude

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22 Dec 2021 13:49

UPDATE 3-Mexico says U.S. approves Deer Park refinery deal, sees completion early 2022

(Adds details)MEXICO CITY, Dec 22 (Reuters) - The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery in a transaction that should conclude early next year,...

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22 Dec 2021 13:49

UPDATE 2-Mexico says U.S. government approves Deer Park refinery deal

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22 Dec 2021 13:49

UPDATE 1-Mexico says U.S. government approves Deer Park refinery deal

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22 Dec 2021 13:15

Mexico says U.S. government approves Deer Park refinery deal

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21 Dec 2021 19:06

UPDATE 1-Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

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21 Dec 2021 18:32

Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

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