China caution drags miners and FTSE 100 down

FTSE 100 slips 1.67 per cent on Wednesday due to lending uncertainties in China
FTSE 100 slips 1.67 per cent on Wednesday due to lending uncertainties in China
 
 

Wednesday, 20, Jan 2010 05:13

By inthenews.co.uk staff.

Good news for the UK jobs market could not overcome uncertainty over bank lending in China as the FTSE 100 was dragged down in Wednesday trading.

By close of trading the leading share index was down 1.67 per cent, or 93.24 points, at 5,420.80.

The market was in the doldrums all day, despite the total number of unemployed falling by 7,000 between September and November according to official figures, due to inclinations from China that banks were being instructed to rein in lending.

This had a knock-on effect on commodity prices as a result, with Xstrata, Lonmin and Eurasian all slipping by more than six per cent on the FTSE.

Antofagasta, Kazakhmys, Anglo American, Rio Tinto, Vedanta Resources, Randgold Resources, Fresnillo and BHP Billiton were down between 3.89 per cent and 5.97 per cent.

British Airways was among the gainers, rising 1.2 per cent on the news that threatened cabin crew strike action would no longer go ahead over Easter.

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