London market indices dropped sharply in early trading today after more bad earnings news in the US o...
The FTSE 100 index dropped 110 points in its first hour, to 5,005.1 as the board turned red and losers outweighed gainers by 83-to-15.
There was no particular direction to the trading, however, as the top five gainers were in sectors as diverse as utilities, telecoms and media, not typically defensive sectors when markets are spooked.
Among the top losers were BP, Sage, British Airways and Hays, also a wide spread of sectors.
Meanwhile, members of the FTSE Smallcap and FTSE 250 indices were holding up relatively better than the big guns, with those indices down just 6.8 and 16 points respectively.
The uneven performance reflects events in New York overnight, where the Dow Jones Industrial Average index lost 65.99 points, but Nasdaq gained 6.4 points to close up at 1,652.74.
Earlier today Tokyo's Nikkei 225 index closed up nearly 64 points at 10,538 points, and Hong Kong's Hang Seng index rose 13 points to close at 9,893.
Markets are likely to take on a more focused direction later today when the US releases September consumer price index data and after Federal Reserve chairman Allan Greenspan has given a speech in Washington.
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