Reuters: Hot Stocks: Miners lead British shares lower after weak Chinese data

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Miners lead British shares lower after weak Chinese data Jun 10th 2013, 08:11 Mon Jun 10, 2013 4:11am EDT * FTSE 100 falls 0.2 pct, weak China data dents sentiment * Severn Trent falls after rejection of possible bid offer * Long-term trend for FTSE still seen as positive * FTSE seen as range-bound over next month By Sudip Kar-Gupta LONDON, June 10 (Reuters) - Britain's benchmark share index edged lower on Monday, led by mining stocks as signs of economic slowdown in China impacted sentiment. Water utility Severn Trent dropped 3.9 percent, putting it among the biggest fallers after it rejected a possible offer from a bid consortium. The blue-chip FTSE-100, which climbed 1.2 percent on Friday, slipped 0.2 percent, or 14.42 points, to 6,397.57 points in early session trading Unexpected weakness in Chinese trade data and domestic activity struggling to pick up hit mining stocks, with the FTSE 350 mining sector falling 1.6 percent. China is the world's top metals consumer. Global equity markets have seesawed over the last month on conflicting signs over the health of the global economy. Several traders said they expected the FTSE 100 index to trade in a relatively tight range of about 300 points over the next month or so, due to conflicting signs over the state of the global economy and future monetary policy. Signs of an economic revival in the United States have led to expectations that the U.S. central bank may soon taper its stimulus programme, which has helped spur a global equity rally this year. Central Markets chief strategist Richard Perry said the FTSE 100 could trade from 6,215 points - which marked low points in February and April - up to 6,535 points over the next month. "Anything north of 6,400 or 6,450 points could well be sold into," he said. Both Perry and Hartmann Capital trader Basil Petrides said the longer-term trend remained positive for the FTSE, with the index still up 8 percent since the start of 2013. Many analysts expect global equity markets to still get support from the fact that liquidity injections and rate cuts from central banks have hit returns on bonds, driving investors over to the better returns available from equities. (Editing by John Stonestreet) Link this Share this Digg this Email Reprints

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