The FTSE 100 has fallen almost 2% lower this morning as mining stocks slump due to sliding commodity prices and a stronger dollar.
London's blue-chip index slid 81.14 points (1.83%) to 4,360.81 by 9:10am.
Mining stocks such as Platinum producer Lonmin and Vedanta Resources saw the biggest decreases. Lonmin plummeted 7.70% to £13.30, after news its main furnace in South Africa had shut down due to an accident on Sunday.
Eurasian Natural Resources and Rio Tinto followed close behind, down 5.84% to 693p, and 4.81% to £29.66, respectively.
Vedanta, meanwhile, slid 4.69% to £15.24. It followed the steep declines on Friday, when the company announced the issue of $1bn in convertible bonds.
The falls offset positive news from the CBI saying Britain could be out of a recession by year's end. It reported the economy is likely to contract around 3.9% in 2009 but will return to slow and gradual growth in 2010.
Stocks making minor gains included Lloyds Banking Group and AstraZeneca. The bank rose 2.30% to 66.8p while the pharmaceutical giant increased 0.11% to £26.32.
Meanwhile in Tokyo, Japan's benchmark Nikkei 225 fell 96.15 points (1%) to 10,039.67 on Monday. The index failed to make any major gains after finally breaching the 10,000 point on Friday for the first time in eight months.IFAonline
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