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London markets open lower

Market news
Market news

The London market opened on the back foot as traders gloomy over lower growth prospects in China dumped commodity stocks.

The FTSE 100 Index slumped 29.7 points to 6305.1, as copper prices approached six-year lows while Brent Crude fell almost 2% to just under $44 (£29) a barrel.

Miners and oil stocks dominated the top flight fallers board, with Anglo American down 12p to 434.5p, BHP Billiton down 18p to 868.3p and BP down 5.1p to 376.8p.

Asia-focused lender Standard Chartered was the biggest faller in the FTSE 100 Index down 31.8p to 562p, after Nomura cut its target price to 635p to 640p.

The bank, under new boss Bill Winters, said earlier this month it would slash 15,000 jobs worldwide and will make a $5.1billion (£3.3billion) cash-call to investors as part of a major overhaul to shore up the group.

Details of its revamp came as the group revealed that it swung into a third-quarter pre-tax loss of $139million (£90million), compared with profits of $1.5billion a year earlier (£972million).
Engine maker Rolls-Royce was the biggest riser in the top flight up 11.5p to 563.5p, as investors warmed to its restructuring plans.

The firm said it would cut an extra 400 jobs from its marine division due to the continued slump in the price of oil last month.

The company, which has major bases in Bristol and Derby, confirmed the losses on top of 600 job cuts announced at the unit in May.

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