Markets are on the back foot once again with commodities and resource stocks feeling the brunt of the selling.

The World Bank has dimmed the lights on the nascent global economic recovery after predicting that progress would be subdued and economic output will drop by 3%.

Add to this the stalemate over North Korea’s nuclear ambitions and you get a very jittery market.

After rising by more than 40% from the lows of March, the recovery in equities has run out of steam. Potential catalysts are thin on the ground with the week’s data flow and earnings calendar bare this week.

Crude Oil is trading below $67 a barrel, making BP and Shell amongst the biggest fallers on the FTSE today. Banks are actually holding relatively steady, but this could soon change if the resource sector rout spreads to the wider market.

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