Energy, miners sink (Il Sole 24 Ore Radiocor) - London, 03 Sep - Shares in London closed lower amid concerns over the global economy after data showed that US manufacturing activity slowed last month.

The main focus of the week will however be the US jobs market data. The key nonfarm payrolls report on Friday could prompt the Federal Reserve to step up the monetary pivot most investors are expecting it to make this month.

Last week Fed chief Jerome Powell signalled 'the time is right' for an interest rate cut and investors are betting on a 25, or even 50, basis point cut at the central bank's next monetary policy meeting in September.

Data released today by the British Retail Consortium showed UK retail sales were up 1% year on year in August.

Miners were mostly lower Anglo American lost 4.81% at 2,108.50 pence while Glencore closed 3.74% lower at 384.75 pence.

Energy stocks were also lower amid falling crude prices.

BP and Shell lost 3.23% at 416.35 pence and 2.70% at 2,612.00 pence, respectively.

The London FTSE 100 closed down 0.78% at 8,298.46 points.

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(RADIOCOR) 03-09-24 18:12:43 (0494) 5 NNNN