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June 24, 2013, 12:53 p.m. EDT

Miners weigh in London on China growth concerns

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — Miners led U.K.’s FTSE 100 index to a fourth straight day of losses on Monday after Goldman Sachs cut its growth forecast for China.

The U.K. benchmark /zigman2/quotes/210598409/delayed UK:UKX -0.49%  gave up 1.4% to close at 6,029.10, marking the largest four-day percentage decline since Nov. 22, 2011.

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Mining firms posted some of the biggest drops in the index after analysts at Goldman Sachs lowered their 2013 forecast for Chinese growth to 7.4% from the 7.8% expected previously, and cut its 2014 outlook to 7.7% from 8.4%.

Additionally, analysts at the bank cut their outlook on the metal for 2013 and 2014, citing growing price risks from a brightening U.S. economic picture. The bank now expects gold to end this year at $1,300 a troy ounce, down 9.4% on its previous forecast. It sees gold ending 2014 at $1,050 an ounce, down 17.3% on its earlier outlook.

Shares of Vedanta Resources PLC  dropped 6.5%, Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO +0.01%   /zigman2/quotes/202627887/composite RIO -2.03%   /zigman2/quotes/200083756/delayed AU:RIO -1.36%  lost 3.4%, Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL -0.67%  fell 1.9% and BHP Billiton PLC   /zigman2/quotes/208108397/composite BHP -0.92%   /zigman2/quotes/201448516/delayed AU:BHP -0.63%  eased 1.8%.

Shares of Kazakhmys PLC /zigman2/quotes/208098927/delayed UK:KAZ -0.28%  tanked 13% after the firm said it would sell its entire 26% stake in Eurasian Natural Resources Corp  to the firm’s billionaire founders and the Kazakhstan government. Shares of ENRC dropped 1.4%.


Cliffs Natural Resources Inc.
Miners fall in London on Monday after Goldman Sachs cuts its growth forecast for China.

Worries about a liquidity squeeze in China also weighed on the broader market after Beijing seemed reluctant to change its tightening policy, even as interbank lending rates surged to record highs last week .

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.22%  plunged 5.3%, its worst one-day percentage loss in nearly four years.

Banks were lower in London. Shares of Barclays PLC /zigman2/quotes/208409333/delayed UK:BARC -2.97%   /zigman2/quotes/206581728/composite BCS -4.74%  lost 0.9% and HSBC Holdings PLC /zigman2/quotes/203901799/delayed UK:HSBA -0.88%   fell 0.9%.

Among other notable movers, shares of J Sainsbury PLC /zigman2/quotes/206038250/delayed UK:SBRY -1.50%  shaved off 2.4% after analysts at Citigroup cut the supermarket retailer to sell from neutral.

Wm. Morrison Supermarkets PLC /zigman2/quotes/205533138/delayed UK:MRW -0.41%  was cut to neutral from buy, sending the shares 1.5% lower.

Shares of peer firm Tesco PLC /zigman2/quotes/203761082/delayed UK:TSCO -0.61%  lost 1.4%.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,359.52
-31.57 -0.49%
Volume: 288,707
Nov. 26, 2020 11:52a
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,919.00 p
+0.50 +0.01%
Volume: 290,511
Nov. 26, 2020 11:52a
P/E Ratio
14.05
Dividend Yield
6.04%
Market Cap
£83.95 billion
Rev. per Employee
N/A
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/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 66.28
-1.37 -2.03%
Volume: 2.92M
Nov. 25, 2020 7:00p
P/E Ratio
14.99
Dividend Yield
5.82%
Market Cap
$112.13 billion
Rev. per Employee
$852,406
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 102.86
-1.42 -1.36%
Volume: 881,718
Nov. 26, 2020 4:10p
P/E Ratio
15.67
Dividend Yield
5.50%
Market Cap
$152.72 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,289.50 p
-15.50 -0.67%
Volume: 467,541
Nov. 26, 2020 11:52a
P/E Ratio
17.13
Dividend Yield
2.45%
Market Cap
£28.53 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 57.32
-0.53 -0.92%
Volume: 1.66M
Nov. 25, 2020 7:00p
P/E Ratio
18.27
Dividend Yield
4.19%
Market Cap
$133.07 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 39.21
-0.25 -0.63%
Volume: 5.42M
Nov. 26, 2020 4:10p
P/E Ratio
16.82
Dividend Yield
4.46%
Market Cap
$181.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208098927/delayed
UK : U.K.: London
638.40 p
-1.80 -0.28%
Volume: 82,543
Nov. 26, 2020 11:51a
P/E Ratio
7.32
Dividend Yield
1.41%
Market Cap
£2.96 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,369.73
+7.41 +0.22%
Volume: 25.59B
Nov. 26, 2020 3:01p
loading...
/zigman2/quotes/208409333/delayed
UK : U.K.: London
139.14 p
-4.26 -2.97%
Volume: 14.40M
Nov. 26, 2020 11:52a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£26.05 billion
Rev. per Employee
£371,819
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 7.64
-0.38 -4.74%
Volume: 3.34M
Nov. 25, 2020 7:00p
P/E Ratio
N/A
Dividend Yield
1.88%
Market Cap
$34.79 billion
Rev. per Employee
$474,344
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
394.80 p
-3.50 -0.88%
Volume: 7.62M
Nov. 26, 2020 11:52a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£81.40 billion
Rev. per Employee
£314,521
loading...
/zigman2/quotes/206038250/delayed
UK : U.K.: London
217.20 p
-3.30 -1.50%
Volume: 1.12M
Nov. 26, 2020 11:46a
P/E Ratio
N/A
Dividend Yield
4.83%
Market Cap
£4.87 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205533138/delayed
UK : U.K.: London
183.70 p
-0.75 -0.41%
Volume: 805,543
Nov. 26, 2020 11:48a
P/E Ratio
16.88
Dividend Yield
3.75%
Market Cap
£4.42 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203761082/delayed
UK : U.K.: London
227.40 p
-1.40 -0.61%
Volume: 4.08M
Nov. 26, 2020 11:51a
P/E Ratio
20.09
Dividend Yield
4.27%
Market Cap
£22.24 billion
Rev. per Employee
£157,770
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Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

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