(MENAFN- ProactiveInvestors)CLOSER Britain's top share index plunged to close 103 points down as investors got nervous as Greece still appears to have no plan to appease its Eurozone creditors. Later is an emergency summit of leaders. FTSE100 closed out 1.58% down at 6432 - the lowest since January this year. Miners led the charge downward with Glencore (LON:GLEN) down 6.87% to 230.6p and Anglo American (LON:AAL) sheeding 5.76% to 832.3p. Chris Beauchamp at spreadbetter IG said: "It appears the absence of Yanis Varoufakis has not reduced Greece's ability to annoy its creditors. "Turning up in Brussels without fresh proposals and instead promising them tomorrow is perhaps the best way to ensure that any new ideas get a cold reception. If anything sends a message that Alexis Tsipras is not serious about negotiations then this is it." The German Dax is down 214 points while the French CAC40 lost 103. On the UK maco front falling manufacturing output data cast a cloud over figures showing rising industrial production. The latter was fuelled by a bounce back in oil prices and higher mining activity. Meanwhile High Street bellwether Marks & Spencer (LON:MKS) lost early gains to finish unchanged at 547p after a trading update. Marks said food did well again but clothing sales were flat in a tough market as cool weather in May and June dampened demand. AIM-listed Asos (LON:ASC) fell and then closed unchanged at 3851p despite a forecast from the online fashion retailer of full-year results at the top end of hopes. Stagecoach (LON:SGC) shares were unchanged at 403.4p as the rail and bus group and the government failed to agree a new deal for its South West Trains franchise. Stagecoach will now have to take its chances alongside other applicants. In the small caps there were some gainers. Servision added 6.25% to 4.25p after it said it was to provide its technology at Gatwick airport - the UK's second busiest - as it also updated on its UK expansion plans. Gatwick has placed an initial purchase order of around £20000 for the group's live mobile CCTV systems - MGV400s on 12 vehicles - and monthly data services. the tech firm reported. Another riser was Kibo Mining (LON:KIBO which added 12.5% to 4.5p while Minds & Machines (LON:MMX) added 5.26% to 8p as it said has registered more than 55000 domains with the suffix .work putting the domain in the top 20 of new top-level Internet addresses released recently. US OPEN Ahead of this evening's crunch meeting of European leaders US stocks opened on the back foot confounding expectations of a steady start. The S&P 500 index was off four points at 2065 while the Nasdaq Composite was down 22 points at 4970. The Dow Jones industrial average was 81 points in the hole at 17603. The party line from Greece's finance ministers is that the onus is on Greece to propose an economic programme that is palatable to its paymasters in order for the European Union to sanction an emergency bridging loan never mind a revision of the debt repayment schedule. Numerous reports indicate that although Greek representatives have turned up for the meeting in Brussels they have not done so bearing blueprints for an overhaul of the Greek economy. Greek banks are said to be running out of cash while the country faces a deadline on 20 July when it must pay €3.5bn to the European Central Bank. On the corporate front chip maker AMD – which plays David to Intel's Goliath – was down by about one-sixth in early deals after it lowered revenue guidance for the second quarter yesterday. The chip maker which primarily relies on sales of desktop PCs has been hit by customers holding off from ordering new machines pending the release of the next Windows operating system from Microsoft. In contrast energy firm Plug Power was sharply higher after it revealed strong fuel cell and hydrogen infrastructure shipments. MID-SESSION WRAP Britain's top shares extended losses on Tuesday as nervous traders awaited Greek debt news and manufacturing data disappointed. The FTSE 100 Index fell 20 points to 6515 Germany's DAX reversed 94 points and the CAC-40 in Paris dropped 49 points. A Eurogroup meeting in Brussels was billed as the last throw of the dice for Athens to present a set of terms to which its creditors can agree over its debt repayments. The talks will not feature controversial finance minister Yanis Varoufakis who resigned after the referendum in which two thirds of the country voted a resounding "no" to agreeing to the previous set of bailout terms. It could be a long day. The meeting is crucial as Greek banks will reportedly run out of money from Wednesday night. The European Central Bank turned down a request from Greece to provide more emergency funding for the banks increasing pressure on Athens to make concessions. Joshua Mahony at spread-betting firm IG said: "It's unlikely Sunday's referendum will have swayed the creditors to the extent that their 'red lines' have moved enough to get a deal across the line. The two sides arguably seem further away than ever." Back in London falling manufacturing output data cast a cloud over figures showing rising industrial production. The latter was fuelled by a bounce back in oil prices and higher mining activity. On the corporate front high street bellwether Marks & Spencer (LON:MKS) lost early gains to stand 6p off at 541p after a trading update. Marks said food did well again but clothing sales were flat in a tough market as cool weather in May and June dampened demand. AIM-listed Asos (LON:ASC) also fell sliding 110p to 3741p despite a forecast from the online fashion retailer of full-year results at the top end of hopes. Industrial conglomerate Smiths Group (LON:SMIN) backtracked 39p to 1102p after the maker of security and medical equipment appointed GKN executive Andrew Reynolds Smith as its new chief executive replacing Philip Bowman. Energy companies ran out of gas as the Competition and Markets Authority criticised a lack of competition in the electricity and gas market. British Gas owner Centrica (LON:CNA) declined 3.8p to 263.6p and SSE headed 16p south to 1558p. But price comparison websites which stand to benefit from people switching energy suppliers were on the up. Moneysupermarket.com ticked up 5.8p to 291.2p and the owner of Confused.com Admiral (LON:ADM) lifted a penny to 1392p. Stagecoach (LON:SGC) shares slowed 3.8p to 399.6p as the rail and bus group and the government failed to agree a new deal for its South West Trains franchise. Stagecoach will now have to take its chances alongside other applicants. Elsewhere Xtract Resources (LON:XTR) subsided 0.01p to 0.27p as a forecast of potentially higher revenue from its Fair Bride gold project in Mozambique failed to impress. LONDON OPEN Britain's top share index opened slightly lower as traders awaited a crunch emergency meeting on Tuesday evening over Greece. The FTSE 100 Index fell six points to 6530 although Germany's DAX was up 17 points and the CAC-40 in Paris was broadly flat. The meeting in Brussels is billed as the last throw of the dice for Athens to present a set of terms to which its creditors can agree over its debt repayments. The talks will not feature controversial finance minister Yanis Varoufakis who resigned after the referendum in which two thirds of the country voted a resounding "no" to agreeing to the previous set of bailout terms. It could be a long day. The meeting is crucial as Greek banks will reportedly run out of money from Wednesday night. The European Central Bank turned down a request from Greece to provide more emergency funding for the banks increasing pressure on Athens to make concessions. Currency strategist at DailyFX Ilya Spivak said: "EU officials' willingness to entertain further negotiations is in question. To resume talks now may be seen as rewarding Athens' intransigence." In Asia overnight it was a mixed picture. In Japan the Nikkei 225 soared 270 points to 20382 but China's Shanghai composite index dropped 120 at 3656 and was losing ground further at the time of writing. The recent share sell-off of Chinese equities has been well documented and the authorities' attempts to stem the blood bath have not been effective. It has now pledged to get the index back to 4500. Measures included companies suspending IPOs. On the corporate front a trading update from high street bellwether Marks & Spencer (LON:MKS) resulted in a 1.5p rise to 548.5p. Marks said food did well again but clothing sales were flat in a tough market as cool weather in May and June dampened demand. AIM-listed Asos (LON:ASC) brightened 2p to 3853p as the online fashion retailer said full-year results were likely to be at the top end of hopes. Industrial conglomerate Smiths Group (LON:SMIN) backtracked 17p to 1124p after the maker of security and medical equipment said it had appointed GKN executive Andrew Reynolds Smith as its new chief executive replacing Philip Bowman. MARKET PREVIEW Britain's top share index is called to open higher after falling yesterday as eyes turn to a crunch emergency meeting tonight over Greece. It is billed as the last throw of the dice for Athens to present a set of terms which its creditors can agree with over its debt repayments. The talks will not feature controversial finance minister Yanis Varoufakis who resigned of the referendum where two thirds of the country voted a resounding "no" to agreeing to the previous set of bailout terms. It could be a long day. The meeting is crunch as Greek banks will reportedly run out of money as of Wednesday night. Meanwhile the Greek saga pulled European indices down on Monday with FTSE100 losing 50 points at 6536. Today financial spreadbetters are calling it to open around 16 points higher however. In Germany the DAX closed 167 points lower while in Asia overnight it was a mixed picture. In Japan the Nikkei 225 soared 270 points to 20382 but China's Shanghai composite index dropped 120 at 3656 and was losing ground further at the time of writing. The recent share sell-off of Chinese equities has been well documented and the authorities attempts to stem the blood bath have not been effective. It has now pledged to get the index back to 4500. Measures included companies suspending IPOs. On the corporate front a trading update from High Street bellwether Marks & Spencer (LON:MKS) is sure to be scrutinised. While the food offering has come on in leaps & bounds under Marc Bolland's watch the clothing division remains problematic and the chief executive's brow is likely to be knitted even tighter on Tuesday when the socks & knickers seller brings out a trading update that is expected to show cool weather in May and June put a crimp on sales.
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