LONDON : The FTSE 100 dropped 1.1% to 6,648.39, with basic materials down nearly 3% after two measures of manufacturing activity in China — a key buyer of commodities — indicated a loss in momentum in November., underscoring slowing growth in China’s economy.
HSBC said its China purchasing managers index fell to a six-month low of 50.0, from 50.4 in October. Meanwhile, China’s officials PMI fell to 50.3 from 50.8 in October, the lowest level since March.
Among losses in the mining sector, BHP Billiton PLC BLT, -3.20% BHP, -2.58% BHP, -5.34% declined 3.6% and Randgold Resources Ltd. RRS, -1.67% dropped 3.1%. Anglo American PLC AAL, -2.46% lost 3.3%, while Antofagasta PLC ANTO, -2.10% fell 3%.
Oil stocks were taking another beating as U.S. crude-oil futures CLF5, -1.32% were pushed below $65 a barrel early Monday. Oil futures have been diving since Thursday, when the Organization of the Petroleum Exporting Countries failed to agree to an output cut.
