Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration 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 CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Play CEO Tapes: 'we're just a bunch of white dudes sitting here'

CEO Tapes: 'we're just a bunch of white dudes sitting here'

In our brand new series, eight CEOs discuss how the industry could do a better job for female fund managers.

Read More
Your Business: Cover Star Club

Profile: how career burnout led to a family office launch

Profile: how career burnout led to a family office launch

I was burnt-out from a career in finance and had no desire to come back, says the founder of Blu Family Office

Wealth Manager on Twitter