Energy companies and industrial miners on London’s commodity-heavy FTSE 100 slumped on Monday morning due to sluggish crude demand and falling metal prices.
At 0710 GMT, the FTSE 100 (.FTSE) declined 0.3%, and the mid-cap FTSE 250 (.FTMC) fell 0.1%.
BP (BP.L) and Shell (SHEL.L) lost 1.5% and 1.3%, respectively, as crude prices fell over 1% on concerns about increasing interest rates, the global economy, and fuel demand outweighed support from OPEC+ production curbs.
Base metal miners (.FTNMX551020) fell 1.2% as China’s patchy economic recovery hurt metal demand in the world’s top metal consumer.
After shareholder consulting organization ISS advised HSBC investors to vote against a proposal by its largest shareholder Ping An, HSBC shares fell 0.5%.
According to Rightmove, British home asking prices grew less than usual last month.
