At morning trade the FTSE 100 was moderately lower after Invensys, the factory controls manu...
At morning trade the FTSE 100 was moderately lower after Invensys, the factory controls manufacturer, announced it would not meet first half profit expectations by almost a third.
The FTSE 100 fell 25.5 points to 5379.6. The Techmark 100 slipped 6.73 points to 1514.4.
Onlookers have highlighted Invensys' warning this morning as showing just how bad the downturn in industry actually is. The company blamed the global downturn and noted that it is seeing the worst recession in US industrial production since the 1970s. The stock slumped 18p to 84p .
There were few gainers among the FTSE 100 but chip designer ARM was performing strongly again following yesterday's better than expected results and the stock gained a further 9.5p to 243.5p.
Pressure is mounting on the Bank of England to sell Sterling for euros so as to weaken the pound and boost exports. The strength of the pound is likely to cause a slump in growth of 1.87% according to a quarterly report by Ernst & Young's ITEM Club.
Federal Reserve Chairman, Alan Greenspan, returns to Congress today to present the Fed's economic outlook. Little is expected to have changed from last Wednesday's testimony. Growth is expected to accelerate this year though and the Fed assured that if the economy does not pick up then it is ready to lower interest rates.
On Wall Street yesterday, all the major indices closed lower. The Dow Jones lost 1.4%, the Standared & Poor's 500 lost 1.6% while the Nasdaq took the biggest hit, down 2%. A year to date the Nasdaq has declined by 19.5%.
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