UK stock market fell this morning after advancing yesterday as economic woes spur market pessimism. ...
UK stock market fell this morning after advancing yesterday as economic woes spur market pessimism.
The benchmark FTSE 100 Index dropped 57.00p, or 1.45%, to 3878.80 as of 9.05am after reaching almost the highest level in three months yesterday. The FTSE All-Share Index lost 15.28p, or 0.80%, to 1865.01.
Britain's biggest clothing retailer, Marks & Spencer, dropped 13p, or 4.4%, to 282.25 after the retailer said revenue grew at the slowest pace in seven quarters.
Britain's largest sporting-goods retailer, JJB Sports, also fell 10.5p, or 5.1%, to 195.5, after its annual profit fell 23%.
However, the maker of animal feed and agricultural equipment, Carr's Milling Industries, rose 9p, or 3.3%, to 282.5 as profit rose, sustained by sales in the UK, US and continental Europe.
In Asia, markets were also down as Japanese stocks fell on concern US economic and earnings reports will lower investors' hope for an improvement in the world's largest economy.
Tokyo's Nikkei 225 Stock Average index lost 118 points, or 1.4% to 8131.41 at close. Meanwhile, the Hang Seng index dropped 1.4% to 8906.99, after two days of advancing.
Across the Atlantic, overnight trading also looked bleak as US stocks ended the day barely higher after concerns of a poor economic future wiped out earlier gains.
Wall Street's Dow Jones Industrial Average advanced 23.26 points, or 0.28%, to 8300.41 at close yesterday, after having gained as much as 243 points earlier in the day, and Nasdaq's Composite index only rose 6.00 points, or 0.43%, to 1389.51.
Despite improved risk appetite
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