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Market Update: banks, resources and retailers lead FTSE falls
by David Campbell on Oct 08, 2013 at 08:50
The FTSE 100 was down 0.26% in early trading led by banking, resources and retailers as European shares continued to suffer uncertainty on day seven of the US government shutdown.
While Spain’s IBEX 35 index and the French CAC 40 managed to post gains, more broadly the FTSE Eurofirst 100 index fell 0.04% in early trading.
After earlier losses on US macro concerns Asian markets broadly ended the session incrementally up, despite China HSBC Services PMI coming in below trend.
Following US overnight losses of almost 1% on the S&P 500 and DJI futures pricing indicated a sharp bounce in North American indices with S&P 500 trading up 0.14%.
The market continued to appear torn between expectations of a resolution to the US legislative showdown and concern that legislators might only be forced to act by widespread economic damage, however.
‘Although most investors believe that a deal will be reached by the 17 October deadline, investors are still concerned with the impact their portfolios are likely to take in the meantime,’ said Shavaz Dhalla, trader at Spreadex.
M&S led the FTSE 100 fallers with a 3.29% loss following sharp falls the previous day on a bearish note from Credit Suisse, which estimated a 12% share price downside from ‘over-bought’ levels.
Lloyds was the heaviest traded stock sending the share price off 0.71% to 73p.
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