Miners energy stocks drag FTSE 100 as China upholds COVID policy

Miners energy stocks drag FTSE 100 as China upholds COVID policy

Miners energy stocks drag FTSE 100 as China upholds COVID policy

Summary : Miners, energy stocks drag FTSE 100 as China upholds COVID policy.

Nov 7 (Reuters) – UK’s export-oriented FTSE 100 started the week on a lacklustre note, dragged down by energy and mining stocks, as China dampened hopes of a rebound in commodity demand after it reiterated its zero-COVID policy to curb outbreaks. Energy stocks (.FTNMX601010) and miners (.FTNMX551030) were off 1.1% and 0.2%, respectively, tracking commodity prices that were hit as stringent COVID-19 curbs darkened demand outlook from China. Mortgage lender Halifax said British house prices fell in October at the fastest monthly rate since February 2021.

Nov 7 (Reuters) – UK’s export-oriented FTSE 100 started the week on a lacklustre note, dragged down by energy and mining stocks, as China dampened hopes of a rebound in commodity demand after it reiterated its zero- COVID policy to curb outbreaks .

The blue-chip FTSE 100 (. FTSE ) fell 0.5% on Monday, while the mid-cap FTSE 250 (.FTMC) was down 0.1% by 0808 GMT.

Energy stocks (.FTNMX601010) and miners (.FTNMX551030) were off 1.1% and 0.2%, respectively, tracking commodity prices that were hit as stringent COVID-19 curbs darkened demand outlook from China . METL/Mortgage lender Halifax said British house prices fell in October at the fastest monthly rate since February 2021. The construction materials sector (.FTNMX501010) slipped 0.4%.GSK Plc (GSK.L) slid 2.0% after the British drugmaker said its blood cancer drug Blenrep failed the main goal of a late-stage study.Shares of Joules Group (JOUL.L) plunged 34.4% after the struggling British fashion retailer said it was in advanced discussions with its investors for a cornerstone investment in an equity raise for the company.

Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips