FTSE 100 down 2% into lunch
FTSE 100 down 2% into lunch
Thursday 23rd October 2008
The FTSE 100 failed to hold onto its position this morning as global falls of the stock markets and poor UK data brought the index down.At 12:17 BST the index was down 2.14 per cent to 3,954.54.
The drop followed last night's 5.69 per cent fall for the Dow Jones on Wall Street and falls over night in Asia – with the Nikkei down 2.46 per cent and the Hang Seng down 3.85 per cent.
At one point the Tokyo index was down over seven per cent to its lowest since spring 2003.
In Europe this lunch time, the Dax was down 4.34 per cent and the Cac 40 fell 3.20 per cent.
In London losses were focussed on the miners, with Lonmin, Kazakhmys, Rio Tinto, Antofagasta and Fresnillo all seeing double digit drops.
Man Group led those making gains, ahead of Vodafone, AstraZeneca, 3i and Lloyds TSB.
Joshua Raymond, market strategist at City Index, said: "The markets quickly turned negative this morning following earlier small gains.
"This demonstrates just how tough it is to buy out there. We have seen further selling of commodity and oil sectors as concerns worsen over the potential effects a global recession could have on demand for metals.
"After three days trading we are now off over eight per cent and there is nothing out there currently that could spark a significant reversal from this trend."
He added: "We are facing a global recession and whilst the timings are never ideal, the impending Christmas period may only serve to exacerbate the situation."
Related News
Mandelson and Darling push banks on lending - 23/10/08
Alistair Darling and Lord Mandelson meet bank chiefs today to push for greater lending to small businesses
Alistair Darling and Lord Mandelson meet bank chiefs today to push for greater lending to small businesses
High street sales growth drops - 23/10/08
The annual retail growth rate has fallen to its lowest level in two-and-a-half years as the High street slowdown continues
The annual retail growth rate has fallen to its lowest level in two-and-a-half years as the High street slowdown continues
FTSE 100 holds steady in recession headwinds - 23/10/08
The FTSE 100 opened with a drop but bounced back to hold its value
The FTSE 100 opened with a drop but bounced back to hold its value
Recession fears push down global markets - 22/10/08
Markets in Europe and the US fell today as further fears of recession grew, after both Gordon Brown and Mervyn King admitted a UK recession was likely
Markets in Europe and the US fell today as further fears of recession grew, after both Gordon Brown and Mervyn King admitted a UK recession was likely
News Article Search
Quick Apply
News Archive