UK stocks have a new reason to fall this morning following a report in the Financial Times that Ofte...
UK stocks have a new reason to fall this morning following a report in the Financial Times that Oftel, the phone watchdog, is planning to publish two industry reviews and may demand mobile phone companies cut call charges by £800m.
The FTSE 100 index fell 25.8 points or 0.6% at the open to 4670.3 after it was revealed Oftel is assessing whether there is enough competition in the market as well as looking at the cost of calls to mobiles from fixed-line phones or rival networks.
Former telecoms monopoly BT fell 11.25p or 3.1% 354.75p and Vodafone lost 2p or 1.4% to 144.5p.
US stocks also continued to fall yesterday after analysts slashed profit estimates on key IT hardware stocks, including IBM, Intel and dozens of other companies.
The Dow Jones closed down 92.58 points or 1.1% to 8567.39 after traders at Credit Suisse said there was now reason to step in and buy technology stocks as profits are unlikely to rebound before the middle of next year.
Asian stocks lost ground today as a result of US stock market activity to see technology and IT hardware stocks pull the Korean and Taiwanese markets lower, however, the Japanese and Hong Kong indices managed to fight negative activity.
The Nikkei 225 index climbed 0.6% to 9696.53 points while the Hang Seng index rose 0.7% to 9438.28 points.
Japan's Nippon Telegraph and Telephone Corp and Sun Hung Kai Properties in Hong Kong managed to keep the momentum up on the belief the global slowdown will not hit them as hard as initially thought.
However, Korea's Kospi lost another 0.47% to 472.38 thanks to the impact US feeling had on Samsung's price, and the Taiwanese market has yet to regain composure another its storm batterings last week to close down 57.9 points at 3567.63.
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances