The FTSE 100 has started the week on bad footing, down 2.3 percent an hour after the market opened.
Shares are down in Asia for yet another day, with the Shanghai Composite Index closing down 1.2 percent and the CSI300 index down 2.2 percent. China’s manufacturing figures fell on Tuesday with the official Purchasing Managers’ Index (PMI) falling 49.7 in August from the previous month’s reading of 50.0, and the private Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) showing a reading of 47.3 in August, the lowest since March 2009.
However, commodities had their biggest surge in price in 25 years as crude oil prices rocketed more than $10 a barrel.
U.S. crude production data was revised downward this morning and OPEC expressed willingness to discuss curbs on output, causing oil prices to jump 8 percent.
