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FTSE drops as Chinese fears resurge FTSE drops as Chinese fears resurge
(about 5 hours later)
(Noon): London's leading shares fell in Wednesday morning trading, partly reversing Tuesday's recovery from a 10-day losing streak. (Close): London's leading shares fell on Wednesday, partly reversing Tuesday's recovery from a 10-day losing streak.
By lunchtime, the FTSE 100 was down 48.03 points or 0.79% at 6,033.31. By the close, the FTSE 100 was down 102 points or 1.68% at 5,979.2.
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.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 down 0.48% against the dollar at $1.5611 and up 0.48% against the euro at €1.3683. Meanwhile, the pound was down 1.3% against the dollar at $1.5482 and 0.2% lower against the euro at €1.3590.
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. Mining stocks, which have been hit hard as a result of the Chinese slowdown, were among the worst performers.
However, mining stocks, which had led the market downwards at the open, staged a recovery late in the morning. Fresnillo shares fell the most, down by 7%, while Randgold Resources fell by 4.6%.
BHP Billiton topped the list of gainers, adding 2.1%, while Rio Tinto rose 1%. Fashion house Burberry fell 3.2%, as investors reacted to worries that China's appetite for luxury goods might be diminishing.
Anglo American was up 0.6% and Glencore gained 0.1%.