Fresnillo gains among mostly lower miners

European equities markets were lower Friday on further indications that the global economy is slowing as Chinese manufacturing activity remained in contraction, Eurozone inflation was up to 3 percent in August and German retail sales dropped 2.9 percent in August from the previous month in a much larger decline than expected.

The FTSE 100 was down 1.32 percent to 5,128.48 in London, while the FTSE 250 dropped 1.66 percent to 9,819.39

Most miners were lower, but gold and silver miner Fresnillo (LSE: FRES) added 4.76 percent to lead gains on the 100, followed by a 2.61 percent gain for Randgold Resources (LSE: RRS), while Aquarius Platinum (LSE: AQP) was the worst performer in the mining sector as it dropped 6.68 percent, while Kazakhmys (LSE: KAZ) was down 4.92 percent.

The media sector was also mostly lower, but digital rights specialist Perform Group (LSE: PER) added 5.44 percent to lead gains on the 250, while business and financial magazine publisher Euromoney Institutional Investor (LSE: ERM) added 2.84 as the only other gainer in the sector, while advertiser WPP (LSE: WPP) dropped 4.53 percent after it was downgraded from “neutral” to “reduce” by Natixis.

Inspection and product testing company Intertek Group (LSE: ITRK) dropped 9.51 percent as the worst performer on the 100, while oil and gas explorer Afren (LSE: AFR), which was down 10.71 percent, had the worst day on the 250.

Still in the energy sector, BP (LSE: BP) was down 0.84 percent on rumors that its deal to sell Pan American Energy is about to break down, but oil and gas industry supplier Hunting (LSE: HTG) added 1.61 percent for the best performance in the sector.

The FTSE Eurofirst 300 was down 1.59 percent to 918.44 while the IBEX fell 0.53 percent to 8,546.6, the CAC-40 was 1.51 percent lower to 2,981.96 and the Dax dropped 2.44 percent to 5,502.02.

Markets in Asia and the Pacific region were mixed on mixed economic data from the United States.

The Nikkei 225 was down 0.01 percent to 8,700.29 in Tokyo, while the Topix index was 0.15 percent lower to 761.17 but the Mothers market added 0.5 percent to 402.15.

Sumitomo Electric Industries (TYO: 5802), which makes electric wire and optical fiber cables, dropped 8 percent on worries that the US will fine the company for fixing prices after Furukawa Electric (TYO: 5801), which dropped 5.3 percent, agreed to a guilty plea and fine for bid rigging.

Banks were lower even though German legislators voted to increase their nation’s contribution to a rescue fund for troubled Eurozone economies, with Mitsubishi UFJ (TYO: 8306) down 0.3 percent while Sumitomo Mitsui Financial Group (TYO: 8316) was down 0.6 percent.

Exporters were lower, with carmakers Toyota Motor (TYO: 7203) and Honda Motor (TYO: 7267) down 0.5 percent and 1.4 percent respectively, while in the electronics sector Sony (TYO: 6758) was 0.5 percent lower while Panasonic (TYO: 6752) dropped 1.2 percent.

Other decliners in the sector included the Shanghai Composite, which was down 0.26 percent to 2,359.22, while the Straits Times Index fell 1.22 percent to 2,675.16 in Singapore, India’s Sensex was 1.46 percent lower to 16,453.8 and the Hang Seng dropped 2.32 percent to 17,592.4 in Hong Kong.

Australia’s markets were slightly higher as the S&P/ASX200 added 0.01 percent to 4,008.6 and the Sydney Ordinaries gained 0.05 percent to 4,070.1, while South Korea’s Kospi was up 0.02 percent to 1,769.65 and Taiwan’s Taiex was 0.6 percent higher to 7,225.38.

New York equities markets were lower at just before 1 p.m. local time, with the Dow Jones Industrial Average down 0.72 percent to 11,073.6, while the S&P 500 had dropped 0.97 percent to 1,149.1 and the Nasdaq Composite was 1.21 percent lower to 2,450.85.

Crude oil prices were mixed, with November contracts for West Texas Intermediate crude down $1.02 to $81.12 per barrel at midday on the New York Mercantile Exchange, but Brent crude was last reported up 6 cents to $104.01 per barrel on the ICE Futures Europe exchange in London, with oil prices ending the month almost 10 percent lower, while it was down 16 percent in the quarter.

Metals prices were also mixed in New York trade at midday , with December contracts for gold up $14.30 to $1,631.60 per troy ounce while December silver was less than a cent lower to $30.52 per troy ounce, with the gains for gold coming as lower prices enticed physical buyers to make purchases but a stronger US dollar held gains back.

December contracts for copper were down 6 cents to $3.19 per pound at midday in New York, while three-month contracts for the metal used in manufacturing and construction dropped $211.50 to $7,018.50 per tonne on the London Metal Exchange, with prices hurt by the new manufacturing data from China.

Tags: Asia-Pacific equities, commodities, European equities, London equities, Wall Street