Business

FTSE 100 down as China data hits mining stocks

Market trader (file picture) Image copyright Getty Images

(Close): The FTSE 100 fell for the second session in a row, hit by overnight figures showing a 25% fall in Chinese exports last month.

That sparked a sharp sell-off in mining and commodities shares.

The FTSE 100 closed 0.92% lower at 6,125 points. Miners, which had rallied on Monday, were hit, with Glencore down 18% and Anglo American down 15%.

Burberry shares were the main FTSE 100 riser on news that a mystery investor had amassed almost 5% of the stock.

The luxury retailer jumped 6.6% after reports that unnamed investor had built the stake ahead of a possible takeover bid.

Meanwhile, the price of Brent crude oil rose to a three month high of $41.48 a barrel in early trading, but ended the day down 2.9% at $39.67.

On the currency markets, the pound was three cents lower against the dollar at $1.4233, and was down 0.42% against the euro at €1.2900.

Analysts said that uncertainty over the state of China's economy is unsettling investors.

"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," said FXTM research analyst Lukman Otunuga.