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Miners drag on FTSE after Moody’s downgrades China

Shares fell in the City on Tuesday. (John Walton/PA)
Shares fell in the City on Tuesday. (John Walton/PA)

London’s top share index has slipped into the red with another poor session for miners, after China’s credit outlook was slashed amid concerns over rising debts.

Endeavor Mining, Fresnillo, Anglo American and Antofagasta were among the biggest fallers on the FTSE 100 on Tuesday.

It came after credit rating agency Moody’s cut its outlook for China to negative, warning that the country faces rising debts and lower economic growth in the medium term.

As the world’s second largest economy, the downgrade and gloomy outlook has knocked the confidence of investors. London’s natural resources sector often moves with the whims of the Chinese economy.

The internationally-focused FTSE 100 closed 23.12 points lower, or 0.31%, at 7,489.84.

It was a much stronger session for other European stock markets, with Germany’s Dax jumping by 0.78% and France’s Cac 40 gaining 0.74% at close.

Chris Beauchamp, chief market analyst at IG, said: “Losses in commodity prices have sent the mining sector into retreat, weighing on the index.

“The year that started so well for the FTSE 100 has turned into yet another dismal period of underperformance.

“International investors continue to avoid the UK, starving the FTSE 100 and its constituents of the flows needed to fuel a proper rally.”

Over in the US, trading started on the back foot with the S&P 500 down 0.25% and Dow Jones down 0.45% by the time European markets closed.

The pound had fallen 0.3% against the dollar to 1.2591, but rose 0.1% to 1.1668 euros.

The price of Brent crude oil edged up by 0.35% to 78.3 US dollars per barrel.

In company news, the pub chain Marston’s said that it fell to a £20.7 million loss before tax in the year to the end of September, despite seeing revenue rise.

The business said that its profit – £163.4 million a year earlier – had been hit by lower valuations for its properties among other things.

Shares closed down 3.7%.

Elsewhere fashion retailer Quiz warned that a weak Black Friday had left it likely unable to meet previous full-year guidance.

The business said that its annual revenue would be between 6-8% lower than the £86.4 million that analysts expect it to make in the year to the end of next March.

Shares in the retailer closed down 11.1%.

The biggest risers on the FTSE 100 were BT, up 4.15p to 130.25p, Beazley, up 12.5p to 544.5p, IMI, up 30p to 1,592p, Whitbread, up 60p to 3,240p, and Croda, up 75p to 4,544p.

The biggest fallers on the FTSE 100 were Endeavour Mining, down 83p to 1,785p, Ashtead, down 185p to 4,735p, Fresnillo, down 18.4p to 569p, Anglo American, down 69.5p to 2,155p, and Antofagasta, down 38.5p to 1,417.5p.