Britain's FTSE slips

LONDON, Rabi’II 16, 1437, January 26, 2016, SPA — UK shares retreated on Tuesday as sliding oil prices and concerns over a slowdown in China put pressure on commodities-related stocks, while British banks fell after UBS cut target prices, Reuters reported.

Britain’s blue-chip FTSE 100 index was down 1 percent at 5,820.91 points by 1005 GMT, slightly underperforming the broader European market.

Oil majors Royal Dutch Shell and BP fell 1.1 percent and 1.2 percent respectively after oil prices slid under $30 a barrel on persistent worries about oversupply and further signs of weakness in the Chinese economy.

Data showed that China’s rail freight volume dropped 11.9 percent in 2015 from a year earlier to 3.36 billion tonnes.

Chinese stocks fell more than 6 percent on Tuesday following another round of panic selling triggered by a new slide in global equity markets.

China has a crucial influence on commodities prices as the world’s second-biggest economy and a major consumer of oil and metals.
–SPA
13:30 LOCAL TIME 10:30 GMT