FTSE 100 hits over 5-week low on slowdown woes; Russia's Polymetal outperforms

The domestically focused midcap FTSE 250 index declined 1.3%. Bucking the sombre mood, shares of Polymetal jumped 9.2% after the Russian gold and silver producer said its first-quarter revenue grew by 4% year-on-year to $616 million due to higher gold prices.

London's FTSE 100 slid more than 1.5% on Monday, dragged down by financial and commodity stocks, as concerns over global economic slowdown clouded investors' risk appetite ahead of a barrage of corporate earnings reports this week. The blue-chip index fell 1.7% to touch its lowest level since March 18, with 96% of its constituents trading in red.

Oil majors BP and Shell were down 3.2% and 2.4%, respectively, while the industrial mining sub-index lost 4.3%, tracking tepid crude and metal prices as prospects of prolonged COVID-19 lockdowns in China stoked demand fears. Broadly, Asian stocks had their worst session in 1-1/2 months as concerns about rapid and aggressive U.S. rate hikes and slowing growth rattled sentiment.

Banks dropped 2.1%, with Asia-focused lenders HSBC Holdings and Standard Chartered slipping more than 2% each ahead of their results. The domestically focused midcap FTSE 250 index declined 1.3%.

Bucking the sombre mood, shares of Polymetal jumped 9.2% after the Russian gold and silver producer said its first-quarter revenue grew by 4% year-on-year to $616 million due to higher gold prices.