Investment market update
UK equities are expected to open lower, following heavy falls in Asia overnight.
Asian stocks fell heavily overnight, sparked by a sell off on the Chinese stock market which saw the Shanghai Composite fall 9% during trading.
Global markets fell across the board on Friday. In the UK, the market was weighed down by miners and energy companies. Health-care shares were the worst performers in Europe, tracking losses in US peers. Only one FTSE 100 company rose on Friday, Royal Mail, which was up 1.6%.
China’s stocks fell the most since 2007 as government support measures failed to allay investor concern that a slowdown in the world’s second-largest economy is deepening. Worsening economic data and signs of capital outflows are undermining unprecedented government attempts to shore up the country’s $6 trillion stock market.
Oil in London slid below $45 a barrel for the first time since March 2009 as Iran reiterated it will boost production and US drillers showed no signs of slowing. Brent futures fell as much as 2.7%, extending a 7.3% drop last week, the most in five months.
Chancellor of the Exchequer George Osborne will meet leaders from Denmark, Sweden and Finland to press his case for changing the way the European Union is managed, the Treasury said in a statement Monday. Topics to be discussed Monday include expanding EU trade to emerging economies and the rights of members who don’t use the euro.