The FTSE 100 has had its biggest fall in 15 months and dropped back under the 4,000 point mark as co...
The FTSE 100 has had its biggest fall in 15 months and dropped back under the 4,000 point mark as concerns for a possible economic recovery diminish in the short-term.
Lloyds TSB led the declines after last week revealing it would need to set aside assets to cover bad loans, taking the FTSE 100 slid for a seventh session, shedding 79.6 points or 2% to 3933.9.
Lloyds TSB slid 30.5p or 6.1% to 473p while Barclays - also setting aside provisions for bad debts - fell 12.5p or 3.1% to 398.5.HSBC Holdings fell 18.5p or 2.5% to 715.5 while HBOS, 4th largest bank in the UK, declined 26p or 4% to 630.5.
Troubled telecoms firm Cable & Wireless plunged 35.75p or 43% to 47.75p and Cox Insurance Holdings also saw its share value jump 18p or 29% to 79.5p after rejecting a takeover approach from Peter Wood, the founder of telephone-based insurer Direct Line.
More problems for the advertising sector have lowered share values for Granada and Carlton again. Granada lost 4.75p or 5.3% to 85p and Carlton dropped 11.5p or 7.4% to 145p after a report by Zenith Optimedia Group revealed it was losing business to less expensive rivals.
Things are looking equally as dismal in the US, where stocks have fallen for the sixth day in seven. Consumer spending has not been as strong as investors expected, suggesting holiday shopping may not help to reach sales targets.
A ratings cut for IBM has dragged the computer giant downwards, largely because it is now felt IBM has reached it peak and may be overpriced.
As a result, the Dow has so far slid 121.93 points or 1.4% to 8524.89 while the Standard & Poor's 500 index has lost 14.36 points or 1.6% to 898.70 and the Nasdaq has fallen 40.95 or 2.8% to 1382.17.
Wal-Mart has dropped $1.13 to $51.91 because its 3% rise in new store sales has not met the anticipated 3-5% target.
Federated Department Stores has also fallen 60c to $29.89 as the owner of Macy's and Bloomingdale's forecasts December sales may fall.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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