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| FTSE 100 slides as mining shares suffer | FTSE 100 slides as mining shares suffer |
| (about 5 hours later) | |
| (Close) The UK stock market fell sharply, together with other European markets, with mining firms suffering after commodity prices declined. | |
| The FTSE 100 closed down 172.87 points, or 2.8%, to 5,935.84. | |
| Mining shares led the falls after commodity prices continued to weaken. Copper prices hit two-week lows and oil prices dropped after rising on Monday. | Mining shares led the falls after commodity prices continued to weaken. Copper prices hit two-week lows and oil prices dropped after rising on Monday. |
| Among mining firms, Glencore sank more than 10% while Anglo American was down 6.7%. | |
| Commodity prices have been hit by the slowdown in the Chinese economy, which is a huge importer of raw materials. | Commodity prices have been hit by the slowdown in the Chinese economy, which is a huge importer of raw materials. |
| Investors are also waiting for a survey, due to be released on Wednesday, that will provide the latest snapshot of the health of China's manufacturing sector. | Investors are also waiting for a survey, due to be released on Wednesday, that will provide the latest snapshot of the health of China's manufacturing sector. |
| Oil prices also fell, reversing some of the gains seen on Monday. The price of Brent crude was down 64 cents at $48.28 a barrel, having dropped below $48 earlier. | |
| "Until China demand and emerging market currencies find a floor, it will remain challenging to put an absolute floor on commodity prices," said analysts at Credit Suisse. | "Until China demand and emerging market currencies find a floor, it will remain challenging to put an absolute floor on commodity prices," said analysts at Credit Suisse. |
| Carmakers suffer | Carmakers suffer |
| Big falls were also seen across other European markets, with Germany's Dax index down 3.8% and France's Cac 40 index dropping 3.4%. | |
| Shares in carmakers saw the biggest falls, as the fallout continued from Volkswagen's rigging of US car emissions tests. | Shares in carmakers saw the biggest falls, as the fallout continued from Volkswagen's rigging of US car emissions tests. |
| Shares in VW dived another 20%, while rivals BMW and Daimler were both down more than 5%. In France, shares in Renault dropped 7%. | |
| Back in London, shares in the AA fell 13% after it said half-year revenues dipped 1.4% to £485m after income from its insurance business declined. | |
| The AA also warned that the planned rise in insurance premium tax, due in November, was likely to affect trading in both its insurance and roadside assistance businesses. | The AA also warned that the planned rise in insurance premium tax, due in November, was likely to affect trading in both its insurance and roadside assistance businesses. |
| Also in the FTSE 250, shares in Irn-Bru maker AG Barr fell 5.7% after it reported an 11.3% drop in half-year pre-tax profits to £16.9m, following "an extremely demanding six months". | |
| The company said trading had been hit by increasing competition and by the recent poor weather, although it expects full-year profits to be "broadly" the same as last year. | The company said trading had been hit by increasing competition and by the recent poor weather, although it expects full-year profits to be "broadly" the same as last year. |
| On the currency markets, the pound fell 0.95% against the dollar to $1.536, and dropped 0.43% against the euro to €1.3793. |