The FTSE 100 index has fallen back by 68 points to 3,792 this morning after investors looked back on...
The FTSE 100 index has fallen back by 68 points to 3,792 this morning after investors looked back on last week's gains and decided to take some profits out after problems encountered on the weekend in the march towards Baghdad by UK, US and Australian forces.
If sustained it would be the first fall in eight trading days, and could set up New York markets for similar change when they open later today.
There, the Dow Jones Industrial Average index closed at 8,521 points on Friday, representing a 1,000 points gain in the past week and a half.
Given London's reaction this morning, the question will be whether that momentum can be sustained.
Uncertainties still surrounding the war in Iraq, including continued volatility in energy prices, and continued indicators of flacid recovery in the US economy - which faces the big cost of war in any case.
The picture here is overwhelmingly one of the colour red: 94 stocks are making losses on the FTSE 100 at present, with just one firm, Rexham up by 5p to 368.75p, although for no apparent newsflow.
WM Morrison, involved in the takeover battle for Safeway, leads the losers with a 8p fall to 177p.
Granada is down 2.75p to 62.75p despite weekend reports that chairman Charles Allen is looking to give up his right to a £2m golden parachute that would open in the event he walks anytime in the next two years.
Following Standard Life's admission on Friday that it applied for a solvency rule waiver from the FSA, Aviva is today down 15.25p to 408.5p, Legal & General is down 2.75p to 80p and Prudential is down 12.25p to 351.75p.
BP is down 7.25p to 420.75p.
The FTSE 250 is down 25 points to 4,069.
The performance is more evenly spread than in the FTSE 100, however, as 45 stocks are up, 130 are down and 77 are unchanged.
Invensys, recently pushed out of the FTSE 100, continues to fall, losing another 0.75p to 13.75p this morning.
EasyJet is down another 11p to 235.5p as investors reposition in light of new rumours involving a BA merger with KLM of the Netherlands, and which company actually will buy Deutsche BA.
Securicor leads the gainers, up 5.75p to 84p after confirmation that Deutsche Post is buying out the remaining share of Securicor Omega.
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