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 Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter