When the announcement of interest rate cuts finally came from the US Federal Reserve it was hardl...
When the announcement of interest rate cuts finally came from the US Federal Reserve it was hardly worth the wait.
The target rate for overnight loans between banks was lowered the expected 0.5% to 4%, the lowest in seven years later yesterday afternoon.
This morning, the Footsie fell 32.7 points to 5810.2 while the Techmark index declined 9.27 points to 1985.91.
Energis, the UK's largest carrier of Internet traffic, dropped 10.25p, or 3.7%, to 266p. ARM Holdings, Europe's biggest designer of semiconductors, fell 11.75p to 338p.
US stocks were little changed yesterday in regular trading, after the Federal Reserve's announcement.
The Nasdaq Composite Index rose 3.66 points to 2085.58. The Standard & Poor's 500 Index rose 0.52 to 1249.44 as General Electric Co. and Citigroup Inc. gained.
In extended trading Microsoft, Dell Computer Corp, and some of the other biggest US computer related companies, gained. The Nasdaq 100 After Hours Indicator - which tracks the Nasdaq 100 Index after the close - gained 8.96 points to 1805.77 as about 66.4 million shares changed hands.
BEA Systems Inc. shares rose after the software maker reported fiscal first-quarter profit that beat analysts' forecasts.
BEA Systems gained $1.96 to $36 after the 4pm close as about 1.62 million shares changed hands, making it one of the most active stocks. Including today's gain, shares of the San Jose, California-based company has dropped 47 percent this year.
Japan's Nikkei 225 stock average staged its biggest one-day decline in five weeks, after Murata Manufacturing said profit will almost halve this year as demand from handset and computer makers declines. The Nikkei closed at 13.694.27, a 359.76 point fall.
Kyocera Corp., Taiyo Yuden Co. and Hosiden Corp. tumbled as Murata's earnings prompted Nomura Securities Co to downgrade the ratings of Murata's peers.
Other key indices also fell after the US Federal Reserve said restrained business purchases of equipment, possible weakness in consumer spending and slow global growth continue to "weigh on the economy".
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