Miners led lower by ferrochrome producer IFL

European equities markets were hurt Monday by new data showing that US consumer prices were up 0.8 percent overall and 0.3 percent higher excluding energy and food prices while after-tax incomes were down in June.

In London, miners were lower after copper prices fell, with the FTSE 100 falling 0.64 percent to 5,320.2 while the FTSE 250 was down 0.59 percent to 8,787.4.

The top five losers on the 100 were all miners, with declines in the 5.5 percent to 9.5 percent range, while over on the 250, ferrochrome producer International Ferro Metals (LSE: IFL) dropped 13.76 percent and Aquarius Platinum (LSE: AQP; ASX: AQP; JSE: AQP) was down 12.38 percent.

Banks and the oil sector were also lower while the media sector, retailers and the real estate sector all had more gainers than decliners on the session.

Elsewhere in Europe, the FTSE Eurofirst 300 was down 1.07 percent to 1,151.32 while the Dax was 0.73 percent lower to 6,349.81, the CAC-40 fell 0.78 percent to 4,280.63 and the IBEX dropped 1.05 percent to 11,447.6.

The semiconductors sector saw gains on an 8 percent rise in global sales in June, with Infineon (FWB: IFX; NYSE: IFX) adding 4.7 percent on the session while STMicroelectronics (Euronext: STM; NYSE: STM) gained 1.2 percent.

The aerospace sector and some retailers were also higher, while banks were mixed and the steel, utilities, and oil sectors all lost ground.

Asia-Pacific region equities markets declined Monday on declines for transport related shares such as carmakers and shipbuilders, while miners and steel makers were also lower on concerns that demand will decline.

In Tokyo, the Nikkei 225 was down 1.23 percent to 12,933.18 while the Topix index fell 1.94 percent to 1,248.25 and the Mothers market dropped 4 percent to 476.47 after automobile manufacturers reported that US sales fell last month and one carmaker released a disappointing quarterly report.

Nissan’s (TYO: 7201)shares dropped 4.8 percent after net income in its fiscal first quarter fell 43 percent on write downs on leases and the stronger yen and on the report that its US sales were down 13 percent in July.

Among other carmakers, Honda’s (TYO: 7267; NYSE: HMC) US sales were down 1.6 percent last month, while Toyota’s (TYO: 7203.T; NYSE: TM; LSE: TYT) sales fell 12 percent and Mazda’s (TYO: 7261) sales slumped 13 percent.

Camera maker Olympus (TYO: 7733) lost 5.2 percent on its report that net income in its fiscal first quarter fell 63 percent and on a broker downgrade to “underweight” as digital camera prices fell, while trader Mitsui (TYO: 8031) dropped 8.6 percent on the session after it said that quarterly net income had dropped by 43 percent.

Utilities saw gains, however, on higher demand.

Elsewhere in the region, Australia’s markets declined on retreats among miners after metals prices slipped again, with the S&P/ASX200 falling 0.33 percent to 4,887.7 as the Sydney Ordinaries dropped 0.41 percent to 4,957.6.

In Taiwan, the Taiex was down 0.36 percent to 6,977.36 while India’s Sensex was 0.54 percent lower to 14,577.87, the Straits Times Index fell 10.3 percent to 2,876.08, the Hang Seng dropped 1.52 percent to 22,514.92, the Kospi was down 1.95 percent to 1,543.05 and the Shanghai Composite dropped 2.14 percent to 2,741.74.
At just past 1 p.m. in New York, Wall Street’s markets were lower, with the Dow Jones Industrial Average down 0.25 percent to 11,297.99 while at the same time the Nasdaq Composite had fallen 0.92 percent and the S&P 500 had dropped 0.67 percent to 1,251.85.

The oil sector was down on steep declines in crude oil prices, which fell below $120 per barrel for the first time since May at one point in the session, while airlines saw gains based on the falling oil prices but recreational vehicle manufacturers lost ground despite the lower oil prices on reports of gains in inflation and declines in consumer spending.

Restaurants were down on the inflation report as well as on a report from the Center for Science in the Public Interest which said that kids’ meals at some restaurant chains have too many calories, while banks and miners were also in decline.

Story link: Miners led lower by ferrochrome producer IFL