Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Global growth concerns squeeze FTSE 100

Global growth concerns squeeze FTSE 100

Britain’s markets fell as concerns about global growth, and the impact on company earnings, unsettled investors. The downbeat tone was set when the World Bank cut its growth forecasts for China, from 9.3% in 2011 to 7.7% this year, overnight.

The FTSE 100 shed 0.5%, or 29 points, to 5,841 and the Mid-250 index gave up 0.72%, or 86 points, to 11,974.

Industrial materials supplier Cookson (CKSN.L) tumbled 75p, or 12.2%, to 540p after it issued a profit warning. The downturn in global steel production has hit revenues from its ceramics division. 

Euro falls as eurozone finance ministers meet

Eurozone finance ministers gathered in Luxembourg to discuss the region’s debt crisis, with Spanish and Greek finances at the top of the agenda.

The euro fell against the dollar ahead of the meeting, down 0.45% to $1.2968, as investors remained cautious about the outcome of the meeting.  

Other stock markets in Europe also retreated: Germany’s DAX index slid 1.44% to 7,291, France's CAC 40 index lost 1.46% to 3,406, and the FTSEurofirst 300 index of top European shares fell 0.92% to 1,101.

There was no movement on Wall Street as US markets were closed for a bank holiday. Investors can look forward to the US third-quarter earnings season, which kicks off tomorrow.

Hargreaves Services may close mine

Coal miner and transporter Hargreaves Services (HSP.L) added 9p, or 1.25, to 738p amid news that 540 employees at its Maltby mine in South Yorkshire have been served redundancy notices.

Questions were raised over coal production at the mine last month when it reported that unusually high levels of water, oil and gas had been discovered at the site. The company is awaiting further geological reports.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Play Carmignac's Crowl: what QE could mean for Europe

Carmignac's Crowl: what QE could mean for Europe

The ECB is widely expected to finally fire its QE gun this week. Carmignac's Sandra Crowl discusses the implications for the eurozone.

Play Grexit worries, currency wars and a grizzly outlook for 2015?

Grexit worries, currency wars and a grizzly outlook for 2015?

The first Investment Pulse of the year looks at the potential impact of Greece leaving the euro, volatility in currency markets and the UK’s economic prospects.

Your Business: Cover Star Club

Profile: DIY investing is biggest threat to industry, says Whitechurch

Profile: DIY investing is biggest threat to industry, says Whitechurch

The industry is at risk of pushing potential investors down the DIY route unless it does more to make its services accessible says the Whitechurch Securities boss

Wealth Manager on Twitter