The UK's benchmark index the FTSE 100 closed just 5.4 points off its lowest close this year at 5320....
The UK's benchmark index the FTSE 100 closed just 5.4 points off its lowest close this year at 5320.2 with losses for Invensys, Reuters and British Airways. On 22 March the market closed at 5314.8 and a decline that began in early June when the index stood at 5950 has seen it steadily drop to where it stands today. The index lost 85.1 points.
Invensys fell 15% to 86.75p after chief exec Allen Yurko said first-half operating profit will be about 30% below initial expectations of £400m. Reuters lost almost 5% to 748p after the financial news wire service said sales growth will slow in the second half.
British Airways lost 3.75p to 330.75p after saying it plans to sell £200m of bonds to investors in order to raise cash during an industry wide slump.
In the US its three core markets fell in value. The tech focused Nasdaq lost 21.17 to 1967.39 while the Dow Jones fell 126.63 to 10,297.79 and the Standard & Poor's 500 fel 14.63 to 1176.40.
Tech stocks down in value include Lucent, AT&T and Amazon.com. Texas Instruments climbed $1.10 to 31.90 after the maker of wireless products said sales will rise in the third quarter in contrast to the second quarter. Axicom added $2.31 to 12.85 after the company said it expects to beat earnings estimates in the second quarter ending 30 Sept.
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