FTSE slumps on post-election hangover
FTSE 100 falls sharply by three per cent
Also In The News
|
Arsenal have been held to a goalless draw at home to Fenerbahce but still have a strong chance of qualifying for the knockout stage of the Champions League. |  |
Thursday, 06, Nov 2008 08:54
The FTSE 100 has slumped three per cent as markets turned to the stalling economy once more after the US elections.
The index opened at 4,445.80 and immediately fell, losing 140 points in the first ten minutes.
Just three stocks made gains. Restaurant Group was up 2.45 per cent, Legal and General rose 3.08 per cent and Old Mutual was up 1.68 per cent.
All other blue-chip stocks were down, with Man Group, the world's biggest listed hedge fund, plunging 20.20 per cent by 08:13 GMT.
The FTSE's retreat followed falls in markets across the world as the boost from US election fever wore off.
The Dow Jones closed five per cent down, with every stock sliding into the red.
In Asian, Japan's Nikkei 225 fell 6.5 per cent to 8,899.14, while Hong Kong's Hang Seng index dropped seven per cent.
Investors are expecting the Bank of England to cut rates today by around half a per cent. A larger cut may provide a fillip to the market, while anything smaller may lead to further falls.