The FTSE 100 is beginning to claw back some of the sharp fall recorded on opening this morning with retailers at the forefront of gains. The index is currently 19.40 points lower (0.31%) to 6241.60.
Pub group Enterprise Inns is lower following yesterday’s 29% jump on announcing it will convert to a REIT, it is currently 6.13% lower to 478.75.
Carphone Warehouse is down after releasing plans to offload a 50% stake in its retail business for £1.1bn. The phone giant is 2.59% down to 291.50.
Financials Schroders (non-voting) and Standard Life are struggling this morning, down 2.19% to 936.50 and 2.11% to 255.75 respectively.
High street retailer Next is higher despite announcing a 3.9% dip in Q1 sales, it is 5.62% ahead to 1297. Fellow giant Marks & Spencer is also doing well, up 2.47% to 405.25.
A 7.2% rise in first quarter underlying sales has given Unilever a big boost, the household goods company is 5.42% higher to 1752.
In New York, investors retreated as the record crude price clipped over $123 and nervous home sales figures filtered through, the Dow Jones IA closed Wednesday 206.48 points lower (1.59%) to 12814.35.
Insurer AIG led the losses ahead of its ahead of its profit report due on Thursday, it fell 6.86% to 45.08.
Fellow financials Citigroup and American Express also struggled, down 5.37% to 24.48 and 4.43% to 48.70 respectively.
Automobile giant General Motors also had a tough day at the office, 4.21% lower to 21.40.
Walt Disney Corp did well after posting a 21% rise in profit for the second quarter of fiscal 2008, up 2.88 % to 34.70. IBM led a mixed Tech sector, 1.49% ahead to 124.14.
In Japan, the markets fell the most in almost four weeks with the Nikkei 225 index dipping 159.22 yen (1.13%) to 13,943.26.
Japanese investors were nervous following US news drifting across the Pacific on tougher disclosure requirements for investment banks, igniting fears further credit- related losses could be exposed.
Elsewhere in Asia, Hong Kong’s Hang Seng index dipped 169.88 points (0.66%) to 25,440.3 and Sydney’s S&P/ASX 200 climbed 54.80 (0.97%) to 5,723.20.IFAonline
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