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FTSE extends losing streak as AZ Electronic soars

by Chris Marshall on Dec 05, 2013 at 15:19

‘While a counter bid cannot be ruled out the offer price seems fair and the significant premium may deter others from bidding,’ commented analysts at Liberum.

Investors elsewhere meanwhile were treading water as they awaited major economic updates from Europe and the US.

Tesco (TSCO.L) was the biggest blue chip faller, down 2.2% to 332p as analysts reacted to yesterday's report of a 1.5% decline in third quarter UK sales from the supermarket group. Morrison (MRW.L) and Sainsbury (SBRY.L) followed the UK's market leader lower.

The FTSE 100’s lack of movement, trading at 6,513, came after four consecutive days of losses.

Declines in global markets yesterday were worsened by surprisingly positive US ADP jobs numbers, which made investors worry that the US Federal Reserve could still start cutting back on the scale of its stimulus this year. 

Investors are now looking ahead to tomorrow’s US jobs data, when non-farm payrolls report and the all-important unemployment rate are published.

In the eurozone, investors are watching to see whether the European Central Bank follows last month’s rate cut with any further action to pump-prime the still slow economy. More likely, say economists, are supportive comments from ECB chief Mario Draghi.

The pound was down 0.1% against the US dollar at $1.6358 on a big day for the UK economy. While the Bank of England is not expected to announce any changes to policy when it concludes its monthly meeting today, all eyes will be on chancellor George Osborne when he delivers his Autumn Statement.

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