Miners are getting smashed by China

The FTSE 100 just closed down 0.40% at 6,352.33 in London, pulled lower by mining companies.

Miners bombed after China posted slightly better than expected GDP growth figures.

That might sound like a good thing but the stats still show a rapid cooling of growth and many economists are sceptical of the figures to begin with.

China’s slowing growth is bad news for miners, as the country’s building boom has hoovered up a huge amount of the raw materials over the last decade. Other nations picking up the slack left by China, leaving mining companies facing falling earning and oversupply.

Anglo American was the biggest faller of the day, down 7.6%. Glencore wasn’t far behind, off 5.5%, and Fresnillo fell 3.3%.

Here’s a snapshot of the rest of Europe:

German DAX: +0.64%

French CAC 40: 0.02%

Euro Stoxx 50: +0.25%

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