The FTSE100 is on the edge of entering its own ‘bear market' this morning, less than two days after the Dow Jones IA retreated under bear territory.
London’s blue chip index is currently 44.50 points (0.81%) lower in early trading to 5432.10, a 19.3% drop on the record 6730.70 high. A ‘bear market’ level is a 20% fall from peak.
Marks & Spencer continues to struggle after its poor outlook earlier in the week, down 5.61% to 222.75 so far.
News its flights are taking off with almost a quarter of seats empty has hit British Airways, currently 3.59% lower to 201.50.
Construction supplier Wolseley is 3.51% behind to 316 and insurer Friends Provident is 2.76% down to 98.70.
Business management software specialists Sage Group is the best of the bunch, 1.05% higher to 193.20.
In New York, the Dow Jones IA bounced back on Thursday after the official ‘bear' entering session. The blue-chip index climbed 73.03 points (0.65%) to 11288.54.
Investors reacted well to news the US job decline was larger than predicted, expecting the Fed to leave interest rates alone while jobless figures remain high.
The main company news came from the tech heavy Nasdaq, where Nvidia plunged nearly 31% after lowering its second-quarter revenue outlook. The graphics chip maker fell 5.54 points to 12.60.
In Tokyo, the Nikkei 225’s stunning losing streak hit a 12th day on Friday, as concerns on oil prices and consumer spending spooked Japanese investors. The benchmark index closed the week 27.51 yen (0.21%) lower to 13,237.89.IFAonline
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