Weak China data drags markets and metals down

The FTSE 100 looks set to replicate the falls seen in Asian markets overnight as weak manufacturing data from China dragged on shares and sent metal prices downwards.

Miners were amongst the biggest fallers on the FTSE, which was down 0.61% or 36 points to 5,852.48, on fresh concerns China's demand for oil and metals would slow. Basic materials stocks were down 2.37% with Evraz (-3.93%), Vedanta Resources (-3.33%) and Kazakhmys (-2.93%) among the biggest losers. Manufacturing output contracted this month exacerbating worries Chinese GDP growth will slow further. The news reversed some of the gains brought about by central bank stimulus in the past weeks. This week the Bank of Japan unleashed further quantitative easing to boost its economy and, ...