Britain's FTSE 100 edged up on Monday, as strength in mining stocks lifted the commodity-heavy index, while Frasers Group jumped after the retailer announced a share buyback programme.
"The anticipation is that if we see Chinese manufacturing activity pick up, then we're going to see increasing demand for commodities and we're seeing it reflected in their stock prices."fell 4.9%, its biggest one day drop in nearly seven months, as BofA downgraded the stock, weighing on the FTSE 100.
The blue-chip index has risen nearly 7.5% so far this year, hitting a series of record highs on the way, supported by upbeat earnings, a weak pound and rising commodity prices. Most European markets see-sawed on Monday, while the U.S. market was closed for the President's Day holiday. Investor focus will also be on the flash composite Purchasing Managers' Index data due on Tuesday, with expectations of domestic business activity in February to rise to 49 from 48.5 in January.
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