01/08/14 Market Movements

Market news

The FTSE100 suffered its largest daily slump in three weeks after closing down 50.93 points at 6,679.18.

Commodity producers, led the decline after a report by HSBC showed that Chinese manufacturing expanded at a slower than expected rate last month.  The report showed that China’s manufacturing activity climbed to 51.7 in July, missing estimates of 52.

Despite the declines, Smith & Nephew rose 3.8%  after the company reported second-quarter revenue of $1.15 billion, beating projections for sales of $1.13 billion. The maker of artificial hips and knees also reiterated that its profit margin will exceed last year’s.

The daily decline of 0.76% extended the indexes weekly decline to 1.8%.