FTSE slips as Moody’s China outlook weighs on miners

The FTSE declined Tuesday as a downgrade to China’s rating outlook weighed on mining shares and banks. The FTSE 100 opened down 0.5% at 7,478.05. The FTSE 250 slipped 0.1% to 18,351.49, while the AIM All-Share inched up 0.1% to 714.85.

On the FTSE 100, miners struggled as major mineral buyer China saw Moody’s cut its rating outlook. Anglo American dropped 2.0%, while Antofagasta traded 0.9% lower.

Barclays stock fell just under 3% after Qatar’s sovereign wealth fund moved to sell around 45% of its roughly 5% stake in the British lender.

Equipment rental firm Ashtead reported higher first-half profit and revenue, but shares retreated 3.6% as investors still smarted from last month’s full-year guidance cuts tied to weaker disaster-recovery demand and ongoing strikes in North America.

Airport restaurant operator SSP Group climbed 4% after posting improved annual results and restoring its dividend after a three-year break.

On the AIM, video game publisher tinyBuild plunged 20% after warning it expects to miss 2022 guidance amid a weak October and $3.5 million legal settlement. Retailer Quiz crashed 17% as it swung to a first-half loss and said Chairman Peter Cowgill would lead a strategic review after recent weak trading.