Market Report

UK and European stocks were lower, starting the week and the final trading session of September in negative territory.

The euro slipped after earlier nudging higher on German inflation data, while commodity currencies rose on hopes for a turnaround in China’s economy.

Oil prices were steady and on track to fall for the third month in a row as a strong supply outlook and questions around demand outweighed fears that Israeli strikes in Lebanon and Yemen could escalate conflict in the Middle East.

Gold eased from its recent record high, but was still set for its biggest quarterly gain in more than eight years on the back of geopolitics and the U.S. Federal Reserve’s rate cut.

Rightmove tumbled on Monday after Rupert Murdoch’s Australian property business REA Group said it was abandoning its pursuit of the property portal after a fourth, £6.2m takeover proposal was rejected.

Chief executive Owen Wilson said: "Against a backdrop of intensifying global competition, we approached Rightmove's board because we strongly believed in the opportunity to create a globally diversified leader in the digital property sector that would benefit both REA and Rightmove shareholders. We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available. They had nothing to lose by engaging with us."

News of the bid withdrawal came after Rightmove said earlier that it was rejecting the offer on the basis that it continued to undervalue the group.