The London market opened lower this morning dragged lower by oil and mining stocks.
The FTSE 100 Index was 20.1 points down at 6424.9, as investors cheer over economic news from China and the European Union at the end of last week faded.
On Friday stocks rose after China cut its key interest rate for the sixth time this year, falling by 0.25% to 4.35%, in the hope this will spur growth as the country tries to reduce its reliance on construction and heavy industry.
The were also buoyed following comments from European Central Bank (ECB) president Mario Draghi at the end of the week. He said the bank will consider increasing its monetary stimulus at its
next meeting in December from its current 1.1 trillion euro (£805 billion) level. Cheap cash tends to favour investors.
But Spreadex financial analyst Connor Campbell said investors were seemingly “less sure about the Chinese rate cut than they were last Friday.”
Heavyweight commodity stocks were all lower on gloomy prospects for world trade with Anglo American down 8.9p to 601p, Rio Tinto 22p lower to 2484.5p and BP 1.7p down to 386.5p.
AstraZeneca was one of the few risers in the top flight, up 6p to 4076p, after the US Food and Drug Administration cleared its lesinurad drug, in combination with a xanthine oxidase inhibitor, to be approved for the treatment of hyperuricemia associated with gout.
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