Poor revised growth figures from the US ensured the FTSE 100 finished the day lower and held Wa...
Poor revised growth figures from the US ensured the FTSE 100 finished the day lower and held Wall Street in the red at midday.
The outlook for the US failed to perk up today after the Commerce Department admitted the US economy was growing at its slowest pace in eight years. The total of all goods and services produced in the US increased at a yearly rate in the second quarter of 0.2%. This figure was lower than the initial rate reported of 0.7%. The news further dented hopes that earnings will pick up in the fourth quarter.
In the UK, the FTSE 100 finished the day down 16 points to 5417.
One of the leading gainers on the FTSE 100 was software group CMG with a rise of 51.5p to 265p, while Colt Telecom was falling again and posted a loss of 15p to 180p.
All the key US indices were lower at midday, the Nasdaq was on course to top up its three-day decline to 4% after it lost 22 points to 1842, the Standard & Poor's 500 slipped 9 to 1152 and the Dow Jones lost 103 to 10118. Three of the most significant fallers on Wall Street were media and Internet company AOL Time Warner, down $1.06 to $39.64, General Electric, fell 38 cents to $40.85 and Citigroup shed 66 cents to $46.39.
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