Lower metals and oil prices drag on global markets

Declines in metals and other commodity prices caused global indices to drop in Wednesday trading.

The FTSE 100 opened 50 points lower at 6,030 while European markets have also declined as investors took profits following recent highs in the markets.

Lower metals prices dragged on Antofagasta, which fell 5.33% to £12.57.

Elsewhere, retailers Next (+3.69%) and Marks & Spencer (+1.85%) were leading the gains, with the former reporting strong Q1 sales.

European shares fell to a one-week low in early trading on Wednesday with miners featuring among the worst performers. The DJ Eurostoxx 50 lost 0.39% to 2,184.28.

Shares in Hong Kong and China also traded lower, led by losses in cyclical sectors such as oil and coal producers, and by metals and mining companies as precious metals and crude oil prices declined.

Hong Kong's Hang Seng Index fell 1.26% to 23,335 at the midday trading break while the Shanghai Composite Index was down 1%.

Meanwhile, in the US stocks closed flat or slightly lower as concerns about earnings growth weighed on investors.

The Dow Jones was flat at 12,807.51 while the S&P 500 lost 0.34% to 1,356.62. The Nasdaq also lost 0.78% to 2,841.62. Energy shares took the main losses due to a fall in the oil price.