Antofagasta leads miners higher in London

European equities markets were lower Monday as Greece prepares to request another bailout from the European Union and the International Monetary Fund, with talks surrounding the request made more complicated by the arrest in New York of the managing director of the IMF on charges of sexual assault.

The FTSE 100 was 0.04 percent lower to 5,923.69 in London, while the FTSE 250 dropped 0.46 percent to 11,943.5.

Miners were mostly higher, with four out of five of the biggest gainers on the 100 from the sector as Antofagasta (LSE: ANTO) added 3.77 percent to lead both the sector and the index, followed by Kazakhmys (LSE: KAZ), which was up 2.39 percent, while BHP Billiton (LSE: BLT) gained 2.22 percent and Xstrata (LSE: XTA) was 2.14 percent higher.

Over on the 250, miner Gem Diamonds (LSE: GEMD) was up 3.53 percent, but iron-ore miner Ferrexpo (LSE: FXPO) was down 3.74 percent for the worst performance in the sector and African Barrick Gold (LSE: ABG) dropped 0.14 percent, hitting a record low during the session after it said it had reduced production capacity at a mine in Tanzania due to a machinery malfunction.

Power generator rental specialist Aggreko (LSE: AGK) dropped the most on the 100, falling 3.37 percent on the session.

The retail sector was mixed, led by consumer electronics retailers as Kesa Electricals (LSE: KESA) added 6.88 percent on media reports that it could delist from the London Stock Exchange and that it was thinking about selling its unprofitable Comet chain, while Dixons Retail (LSE: DXNS) gained 13.91 percent to lead both the sector and gains on the 250 after an analyst said that Dixons would benefit substantially if Kesa sells Comet.

DIY retailers and building supplies merchants were lower after US-based DIY chain Lowe’s (NYSE: LOW) missed earnings estimates, with Kingfisher (LSE: KGF) down 1.74 percent while Wolseley plc (LSE: WOS) dropped 1.9 percent.

Most banks were lower, led by a 1.31 percent decline for Royal Bank of Scotland Group (LSE: RBS), although Standard Chartered (LSE: STAN) managed a gain of 0.25 percent.

The travel and leisure sector was lower, with pubs operator Enterprise Inns (LSE: ETI) worst in the sector as it dropped 3.38 percent and Punch Taverns (LSE: PUB) was down 3.23 percent, while International Consolidated Airlines Group (LSE: IAG) was the best of three gainers in the sector as it added 1.57 percent.

Software specialist Autonomy Group (LSE: AU) added 2.65 percent after it agreed to purchase some assets from information storage group US-based Iron Mountain Inc.’s (NYSE IRM) digital division.

Exhibition and conference organizer ITE Group (LSE: ITE) was the worst performer on the 250 as it dropped 4.51 percent.

The FTSE Eurofirst 300 was down 0.21 percent to 1,138.18 while the Dax was 0.21 percent lower to 7,387.54 and the CAC-40 dropped 0.72 percent to 3,989.82, but the IBEX added 0.07 percent to 10,363.9.

Asia-Pacific markets were also lower as investors there also worried about debt problems in Europe.

The Nikkei 225 was down 0.94 percent to 9,558.3 in Tokyo, while the Topix index was 1.24 percent lower to 829.55 and the Mothers market dropped 2.54 percent to 451.68 after Goldman Sachs cut its ratings on Japanese equities.

Tokyo Electric Power (TYO: 9501) was down 7.3 percent after Standard & Poor’s cut Tepco’s corporate credit and debt rating from BBB+ to BBB at the end of last week and after the utility admitted over the weekend that the fuel rods in its number 1 reactor at its Fukushima Dai-Ichi power plant melted down early in the nuclear crisis there after the 11 March earthquake and tsunami in northern Japan.

Banks were lower, with Mitsubishi UFJ (TYO: 9306) down 1.6 percent while Sumitomo Mitusbishi Financial Group (TYO: 8316) dropped 2.1 percent after it said profits will drop by 16 percent this fiscal year.

Carmakers saw declines, with Toyota Motor (TYO: 7203) down 1.8 percent while Nissan Motors (TYO: 7201) was 2.4 percent lower.

Elsewhere in the region, South Korea’s Kospi was down 0.75 percent to 2,104.18, the Shanghai Composite fell 0.77 percent to 2,849.07, the Straits Times Index was 0.86 percent lower to 3,136.48 in Singapore, India’s Sensex was down 1.01 percent to 18,345, the Taiex dropped 1.05 percent to 8,911.71 in Taiwan, Australia’s markets were lower as the S&P/ASX200 fell 1.3 percent to 4,650 and the Sydney Ordinaries dropped 1.32 percent to 4,724.2, and the Hang Seng was 1.36 percent lower to 22,960.6 in Hong Kong.

New York equities markets were lower in early afternoon trade as the Dow Jones Industrial Average was down 0.19 percent to 12,572.3 while at the same time the S&P 500 dropped 0.38 percent to 1,332.74 and the Nasdaq Composite was 1.23 percent lower to 2,793.8.

Crude oil prices were lower as gasoline prices dropped on fewer concerns that flooding in Louisiana could cut refinery production, with West Texas Intermediate crude down $2 to $97.65 per barrel on the New York Mercantile Exchange while Brent crude was recently reported down $1.86 to $111.42 per barrel on the ICE Futures Europe exchange in London.

Metals prices were mixed, with copper up half a cent in midday trade in New York, while gold and silver were both lower after earlier gains.

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