Economics / Markets

THE Federal Reserve has moved early and cut US interest rates to 3.5pc, a three-quarters of a percentage point reduction.

The FTSE fell 2.42%, or 142.8 points, this morning to 5758.9p as Standard Life suffers from the credit crunch. The provider fell 5.93%, or 12.55 points, to 199.2p.

A strong day for miners offset another punishing afternoon for a fickle financial sector, the FTSE closed the week 5.50 points up (0.09%) to 5907.90.

The FTSE 100 has charged in late morning trading, currently up 77 points (1.3%) to 5979.40.

A dreary day's trading saw the FTSE slump more than 40 points, or 0.68%, to 5,902.4 on Thursday.

In London, markets fell for a second day as investors worried about the state of the US economy and the FTSE 100 dropped 82.7 points (1.37%) to 5,942.

The FTSE 100 is sluggish this morning as continued housing dramas and a poor start for the majority of miners drag the index 50.90 points (0.84%) down to 5974.70.

In London, markets dropped after news that the UK's biggest retailer, Tesco, has missed its festive sales targets and the FTSE 100 was down 181.7 point (2.92%) 6,034.00.

The FTSE 100 is lower this morning as retailers continue to announce underwhelming Christmas sales figures. The index is currently 33 points down (0.53%) to 6182.70.