Man Group leads FTSE lower after rating cut Man Group was the biggest single faller on a retreating FTSE 100 on Monday after HSBC cut its rating on shares in the hedge fund. The stock lost 2.6 per cent to 136.2p after the broker cited "higher distribution costs and taxes" as it issued the downgrade from "overweight" to "neutral." HSBC also cut its price target on the stock from 150p to 140p, although it also said that Man's "strong cash generation supports dividends," and the "the Japanese onshore market offers a distant ray of hope." With investors across global markets in no mood to take on more risk after news of weakening Chinese exports took the shine off Friday's upbeat US jobs data, mining stocks looked vulnerable to profit-taking. Rio Tinto led its peers lower, falling 1.3 per cent to £34.62. Four of the biggest losses on the list of falling shares came from the sector. Glencore was among them, as traders placed bets that the commodities trader was one of the parties interested in bidding for Toronto-listed grain trader Viterra . Resource stocks took the biggest toll on the FTSE 100, which fell 20 points overall to 5,866.49, a loss of 0.4 per cent. "The reaction we have seen in risk assets to the Chinese data shows that many investors are unsure of how to interpret it as an argument can be made either way," Stan Shamu, strategist at IG Markets, said. The export slump underscores concerns about slowing global demand and cooling growth in China. However, others are arguing that China is trying to create a more domestic-demand-driven economy and as a result falling exports are nothing to worry about. The wider financial sector tracked waning risk appetite. Royal Bank of Scotland stood out with a 1.7 per cent fall to 25.7p, unhelped by press reports of investor lawsuits against the former management in charge before its part-nationalisation. GKN, the car parts and aerospace supplier, was a standout faller after weekend newspaper reports warmed up rumour linking it with a bid for Volvo's aerospace business. The shares fell 2.3 per cent to 207.6p. Among the mid-caps, banking software provider Misys fell 2.2 per cent to 333.4p after merger talks with its Swiss peer Temenos ended. The news came after two rival bids for the company emerged. Overall, the FTSE 250 was 15 points weaker at 11,513.01, a fall of 0.1 per cent.