Leading shares have drifted lower but mining shares have suffered a spate of profit taking, amid continuing worries about demand.
Investors were buoyed on Friday by the Chinese central bank’s surprise interest rate – which sent commodity companies soaring – and hints from the European Central Bank that it was prepared to take action to boost the flagging eurozone economy and counter deflation fears.
But there is a calmer mood in the markets at the start of the new week, with the FTSE 100 down 1.90 points at 6748.86. There has been some support from a better than expected German confidence survey.
BHP Billiton is down 26p at 16.36 as it reacted to falling metal prices by stepping up its cost cutting programme. It is reducing capital expenditure at its copper and coal operations, but also expects a $500m increase in productivity gains to $4bn a year, following the spin-off of its aluminium, non-core coal, manganese, nickel and silver assets into a separately listed company.
via The Guardian
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