London is struggling this morning as falling metal prices cause miners to drill into the FTSE 100, with the index currently 30.9 points down, or 0.51%, to 6071.3.
It’s the blue chips doing the damage; with Xstrata currently the main culprit, down 62 points, or 2.19%, to 2770.
Antofagasta is falling even as it announced an 8% first-half profit increase and a 5% sales gain, down 14.5 points, or 2.12%, to 669.
Anglo American is not doing too much better this morning, 54 points down, or 1.99%, to 2666.
Whitbread is having a good start to the day, after posting a strong result in the 14 weeks to 16 August.
Its total sales increased 11.3% and like for like sales were up 6.6%, driving its share price 32 points higher, or 2.05%, to 1590.
In New York, Wall Street fell across the board as investors reacted negatively to the release of the latest Federal Reserve meeting minutes.
The Dow Jones index struggled all day long to close on 13041.85, a 280.28 point fall, or 2.1%.
Aluminium giant Alcoa fell on news it has agreed to sell its two remaining US soft alloy extrusion facilities, dropping 1.62 points, or 4.38%, to 35.36.
It was a bad day for the credit card companies, as new statistics showed an increase in US credit-card defaults.
American Express closed the day 2.61 points lower, or 4.35%, to 57.35.
General Motors didn’t fare too much better, the car manufacturer fell 1.14 points, or 3.76%, to 29.18.
Home Depot halted its recent downward spiral; the retail giant was the only stock to post a gain, up a rather insignificant 0.03 points, or 0.07%, to 35.05.
The declines in the Unites States expectedly had a rollover effect in Tokyo, as concerns grew for bank earnings.
The Nikkei 225 index fared a little better than its counterpart over the Pacific, falling 1.69%, or 274.66 points, to 16,012.83.
Japan Steel Work lost the most ground as a strong yen led to many losses for exporters, falling 80 points, or 4.66%, to 1,635.
Ricoh Co dipped after Okasan Securities cut the printer and copier maker’s rating to ‘neutral’ from ‘somewhat bullish’ – finishing 115 points lower, 4.5%, to 2,440.
Mitsubishi Corp fell after announcing they may miss a sales target, closing 130 points down, or 4.3%, to 2,890.
Yahoo Japan bucked the trend, up 1,900, or 4.57%, to 43,450; while Isuzu Motors climbed 25 points, or 4.36%, to 598.
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