FTSE 100 down despite Standard Life boost

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The London stock market closed lower as falling mining shares outweighed news of a fund management merger.

Shares in Standard Life and Aberdeen Asset Management were higher after they confirmed they had agreed a tie-up, creating a company overseeing assets worth £660bn.

Standard Life shares rose 6%, while FTSE 250 member Aberdeen Asset Management climbed 4%.

By the close, the FTSE 100 was down 24 points at 7,350.12.

Mining companies were among the biggest fallers on the index as the price of copper fell. Anglo American dropped 2.8% while Glencore was down 3.5%.

Banking shares across Europe came under pressure after Deutsche Bank announced plans to raise 8bn euros through a share sale to bolster its finances. Shares in Deutsche were down 3.8% in Frankfurt.

On the currency markets, the pound fell 0.4% against the US dollar to $1.2247 but was little changed against the euro at 1.1567 euros.