After a brief attempt at rising the FTSE has wiped out yesterday's gains on predictions of an early ...
After a brief attempt at rising the FTSE has wiped out yesterday's gains on predictions of an early slide after Wall Street slipped to five-month lows and as Canary Wharf painted a gloomy outlook for the leasing market.
The FTSE 100 is down 31.4 points to 3,421.3, while the FTSE 250 is also down 23.9 points to 3,823.
Shares in Canary Wharf plunged 42p to 189p in early trade after it said conditions in the central London leasing market were tough and posted a steep drop in first-half profit.
Other FTSE 100 companies dropped as their stocks went ex-dividend. Anglo American has dropped by 19.5p to 875.5p, GKN has fallen by 9.75p to 155.25p, HBOS is down 27.5p to 585p, Pearson is trading lower at 442p, down 20.5p, Reuters has slid 6p to 102.5p while Royal Bank of Scotland is down 48p to 1305p.
Abbey National shares have dropped by 5.5p to 334p after S&P's cut both Scottish Mutual's and Scottish Provident's credit ratings yesterday.
But phone stocks have risen, led by Vodafone Group which is up 0.75p to 105.5p and BT Group which is up 1p to 147.5.
Meanwhile in Asia, Japanese stocks rallied as some investors expect the central bank to buy more shares, leading to the Nikkei 225 Stock Average climbing from a 20-year low. The Nikkei added 1% to 7943.04, its first advance in seven sessions, at close.
Meanwhile the Topix index rose 1.5% to 782.36, with DoCoMo accounting for a fifth of the gain, and the Hang Seng closed higher by 15 points to 8875.
Yesterday US stock markets plunged led by pharmaceutical companies concerned that U.S. regulators were expanding a probe of drug marketing and pricing and continuing concern of the threat of war in the Gulf.
The Dow Jones Industrial Average closed 44 points down at 7524. The Nasdaq Composite Index also closed lower by 6.9 points at 1271.5, while the S&P 500 Index closed at 800.7 points, down by 6.8 points.
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