FTSE Falls as Global PMI Send Weak Signal

Airline shares are flying but the banking and mining sectors are dragging the market down after Friday’s gains.

Budget airline Ryanair has risen 9% to €8.2 after raising its profit forecast, just days after a positive update from British Airways owner International Airlines Group. The sector had come under pressure last month on worries about reduced travel following the spread of the Ebola virus, but the recent statements seem to have calmed investors’ nerves.

IAG has added 6.8p to 416p while easyJet is up 39p at £15.39, the biggest riser in a falling FTSE 100. Overall the index is down 19.42 points to 6527.05, with disappointing manufacturing surveys from China and the eurozone.

The Chinese figures in particular have reinforced concerns about a slowdown in the country, a key consumer of commodities. So mining shares have lost ground, with Anglo American down 1p at 1315.5p and Glencore 1.8p lower at 318.1p

After last week’s gains as the Bank of England’s solvency ratios appeared less onerous than feared, banks have also slipped back.

via The Guardian

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