Economics / Markets

The FTSE was down 74.10 this morning at 5692.30 as pub JD Wetherspoon reported a slump in profits.

Investors are being warned it would be "unwise" to eliminate US exposure completely during the current market uncertainty.

The FTSE fell 42.5 points, or 0.73%, to 5811p this morning as British Airways dropped 10.5 points, or 3.96%, to 254.5p. The airline said its profit margin will fall this year due to rising fuel costs and a slowing economy.

Takeover and merger rumours are rife in London this morning, with the FTSE 100 currently up 26.80 points (0.46%) to 5794.50.

The FTSE fell 50.9 points, or 0.87%, to 5767.7p as Admiral Group continued its drop.

The FTSE rose 53.6 points, or 0.92%, to 5872.2p as Schroders rose 39 points, or 4.69%, to 870.5p after reporting a 35% rise in pre-tax profits in its annual results.

Financials with the exception of HSBC were pounded in London this afternoon as continued credit concerns coupled with poor broker reports. The FTSE 100 index fell 67 points (1.14%) to 5817.3.

In London, markets fell as investors continue to worry about a recession in the US, with the FTSE 100 falling 83.3 points (1.42%) to 5,801.

The FTSE closed down 99 at 5,866, dragged down by the banks which reacted badly to news house prices fell more than expected in February.

The FTSE dipped under 6000 at the close of the week, down 5.90 at 5959.80