US rate cuts fail to impress Footsie

The FTSE 100 failed to respond to the cut in interest rates announced in the US yesterday. London's leading index was down 32 points to 5182 at morning trade with bank, media and software shares looking particularly weak. Onlookers concluded that the US rate cut had already been largely priced into the market. FTSE 100 fallers were led by Pearson, down 31p to 846p, BSkyB fell 26p to 811p and Logica dropped 25p to 792p. Scottish Power set the pace for the FTSE 100 gainers, however, with a rise of 27p to 422p. Over on Wall Street on Tuesday all the key US indices finished higher, ...