09 Mar FTSE 100 down as China’s exports plummet
The FTSE 100 dropped after being hit by figures last night that showed a 25 per cent fall in Chinese exports last month.
This fall lead to an acute pay off in mining and commodities shares. The FTSE 100 finished 0.92 per cent lower at 6,125 points.
Glencore (LSE:GLEN) was down 18 per cent and Anglo American (LSE:AAL) down 15 per cent.
The price of Brent crude oil increased to US$41.48, a three month high but at the end of the day finished down 2.9 at $39.67.
Analysts said investors are unnerved at the state of China’s economy at the moment.
Lukman Otunga, research analyst at FXTM said, “Global markets have been rattled by the sharp decline in China’s exports which reinforced the lingering concerns over the slowing pace of growth in the world’s second largest economy.”