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BUZZ-Weak China data takes bite out of European cyclicals' rally
October 20, 2015 / 8:18 AM / 2 years ago

BUZZ-Weak China data takes bite out of European cyclicals' rally

** Stocks of UK miners fall as weak economic data from China spurs a bout of profit-taking for a second day

** Base metal spot prices lower after the country’s Q3 GDP growth cools to 6.9 pct

** Rio Tinto, BHP, Anglo American and Antofagasta biggest casualties on Britain’s FTSE 100, all down between more than 1 pct. Glencore off 2 pct

** Sector weak across Europe with the Stoxx 600 Basic Resources Index down 1.6 pct. It fell 2 pct on Monday

** The index’s sharp 25 pct bounce in just 9 sessions after hitting a 6-1/2 year lows late Sept had caught market participants off-guard

** Among FTSE midcaps, Kaz, Vedanta, and Petra Diamonds down 0.5-2.5 pct

** Oil-related stocks follow suit. Tullow Oil down 1.4 pct, Royal Dutch Shell falls 0.4 pct and BP drops 0.5 pct

** Oil services company Petrofac and Amec Foster Wheeler sheds c.1 pct

** Stoxx 600 Oil & Gas index falls 0.6 pct with Seadrill down 3.3 pct (RM: aastha.agnihotri.thomsonreuters.com@reuters.net)

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