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FTSE 100 seen flat, Dow Jones, S&P 500 and NASDAQ slip on China concerns

Last updated: 06:11 17 Nov 2010 GMT, First published: 07:11 17 Nov 2010 GMT

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The FTSE 100 is projected to open flat today after tumbling 2.4% on Tuesday to slip below 5,700 on anticipation of further monetary policy tightening by China and concerns over Europe’s debt problems.

Packaging group Rexam (LON:REX) outperformed fellow blue chips, advancing 2.3%. No other FTSE 100 constituent added 1% or more.

Silver miner Fresnillo (LON:FRES) was the heaviest faller in the FTSE 100 with a 6.3% loss. Copper miner Kazakhmys (LON:KAZ) declined 6.1%. Base metal miners Antofagasta (LON:ANTO) and Xstrata (LON:XTA) lost 5.5% and 5.1% respectively, while sector peers Anglo American and Rio Tinto (LON:RIO) shed nearly 5%. Engineering company Invensys (LON:ISYS) dropped 5%.

US stocks moved in the same direction. The Dow Jones Industrial Average and the S&P 500 index slipped 1.6%, while the technology heavy NASDAQ composite lost 1.75%.

Asian markets were in selling mode today. China’s Shanghai Composite Index fell further, shedding 1.85%. Hong Kong’s Hang Seng dropped 1.8% and South Korea’s KOSPI was down 0.1%, while Japan’s Nikkei 225 went against the tide, rising 0.15%. Australia’s S&P/ASX 200 retreated 1.6%.

Commodities

Oil prices extended losses. US light, sweet crude for December delivery declined to US$82.23/barrel. January Brent Crude dropped to US$84.61/barrel.

Precious metals declined. Gold and silver fell to US$1,336/oz and US$25.35/oz, while platinum dropped to US$1,633/oz.

Base metals moved in different directions. Copper and zinc fell to US$3.66/lb and US$0.949/lb, while nickel advanced to US$9.86/lb.

Minutes from the latest meeting of the Bank of England’s Monetary Policy Committee, UK jobless claims and unemployment rate will be released today. Housing starts, buildings permits and mortgage applications data and an update on the consumer price index will be out in the US.

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