UK Market Drops

By RTT News, 
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( - The UK market is trading lower on Monday, after an indicator of Chinese non-manufacturing sector activity declined in January, signaling that the economy is slowing amid Beijing's efforts to push through the planned reforms.

China's non-manufacturing purchasing managers' index declined to 53.4 in January from 54.6 in December, the results of a survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics showed.

In Germany, manufacturing sector growth rose to its strongest in thirty-two months in January, a survey by Markit Economics showed. The headline Markit/BME purchasing managers' index rose to a 32-month high of 56.5 in January from 54.3 in December. The flash result showed a reading of 56.3.

Meanwhile, the Eurozone manufacturing sector grew slightly more than initially expected in January, Markit Economics showed. The final results of Purchasing Managers' survey revealed that the manufacturing activity grew at the strongest rate since May 2011. The headline PMI has risen in each of the past four months and has signaled growth since July last year.

The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.72 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.60 percent.

The FTSE 100 index is falling 0.26 percent.

Lloyds Banking is losing 2.6 percent. The lender said it has made a further provision of 1.8 billion pounds for legacy PPI business. Barclays is losing 1.8 percent.

ARM is falling 1.2 percent. Deutsche Bank cut the stock to ''Hold'' from ''Buy.''

Smith & Nephew, which agreed to buy US-based Arthrocare, is rising 1.6 percent.

Ryanair, which reported financial results, is gaining 5.7 percent.

RM, which proposed special dividend, is climbing 8.8 percent.

Other major markets in the region are trading lower.

The Asian stocks fell across the board, as data pointing to slowing growth in China's manufacturing and services sectors added to concerns the global economic recovery is faltering.

In the U.S., futures point to a lower open on Wall Street. In the previous session, stocks closed firmly in negative territory, as investors digested a handful of disappointing earnings reports and mixed economic data. The Dow shed 0.9 percent, the tech-heavy Nasdaq fell half a percent and the S&P 500 slid 0.7 percent.

Crude for March delivery is falling $0.59 to $96.90 per barrel, while April gold is gaining $3.7 to $1243.5 a troy ounce.

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This article appears in: News Headlines

Referenced Stocks: ARTC , BCS , DB , LYG , RYAAY

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