Miners, energy stocks drag FTSE 100 as China upholds COVID policy

Energy stocks and miners were off 1.1% and 0.2%, respectively, tracking commodity prices that were hit as stringent COVID-19 curbs darkened demand outlook from China. Mortgage lender Halifax said British house prices fell in October at the fastest monthly rate since February 2021. The construction materials sector slipped 0.4%.

UK's export-oriented FTSE 100 started the week on a lacklustre note, dragged down by energy and mining stocks, as China dampened hopes of a rebound in commodity demand after it reiterated its zero-COVID policy to curb outbreaks.

The blue-chip FTSE 100 fell 0.5% on Monday, while the mid-cap FTSE 250 was down 0.1% by 0808 GMT. Energy stocks and miners were off 1.1% and 0.2%, respectively, tracking commodity prices that were hit as stringent COVID-19 curbs darkened demand outlook from China.

Mortgage lender Halifax said British house prices fell in October at the fastest monthly rate since February 2021. The construction materials sector slipped 0.4%. GSK Plc slid 2.0% after the British drugmaker said its blood cancer drug Blenrep failed the main goal of a late-stage study.

Shares of Joules Group plunged 34.4% after the struggling British fashion retailer said it was in advanced discussions with its investors for a cornerstone investment in an equity raise for the company.