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FTSE drops as Chinese fears resurge FTSE drops as Chinese fears resurge
(about 4 hours later)
(Open): London's leading shares fell sharply in early Wednesday trading, undermining Tuesday's recovery from a 10-day losing streak. (Noon): London's leading shares fell in Wednesday morning trading, partly reversing Tuesday's recovery from a 10-day losing streak.
At the open, the FTSE 100 dropped 86.46 points or 1.42% to 5,994.88. By lunchtime, the FTSE 100 was down 48.03 points or 0.79% at 6,033.31.
The renewed plunge added to fears of a Chinese-led global slowdown, dashing hopes that Tuesday's 3% rise had marked the end of the crisis. The renewed decline added to fears of a Chinese-led global slowdown, dashing hopes that Tuesday's 3% rise had marked the end of the crisis.
Meanwhile, the pound was up 0.04% against the dollar at $1.5692 and up 0.18% against the euro at €1.3642. Meanwhile, the pound was down 0.48% against the dollar at $1.5611 and up 0.48% against the euro at €1.3683.
Mining stocks were among the hardest hit on the FTSE 100 as investors reacted to worries that China's appetite for commodities might be diminishing. Fashion house Burberry led the losers' list, falling 2.8%, as investors reacted to worries that China's appetite for luxury goods might be diminishing.
Anglo American led the list of losers with a 3.1% fall. Close behind was Glencore, which shed 2.8%. However, mining stocks, which had led the market downwards at the open, staged a recovery late in the morning.
There were just two winners on the index. Royal Bank of Scotland added 1% and RSA Insurance edged up 0.1%. BHP Billiton topped the list of gainers, adding 2.1%, while Rio Tinto rose 1%.
Anglo American was up 0.6% and Glencore gained 0.1%.