The FTSE 100 index shed 11.80 points to 4,542 today after a number of equities analysts across Europe claimed the run on shares had peaked with further earnings new that failed to meet market expectations.
Volkswagen sprung the biggest surprise on the downside by announcing poor sales of its new Golf model car would force it to cut 5,000 jobs over the next couple of years, mostly through attrition.
The news that economic recovery may be more sluggish than hoped for sent shares in Hays down 5.25p to 135p. It is trying to divest itself of a range of businesses to focus on recruitment outsourcing, but analysts fear slower economic growth will cut demand for staffing agencies.
British Airway fell 12p to 320.25p after new industry figures showed passenger numbers across the North Atlantic fell in January.
ITV fell 3.75p to 129p after competitor Channel 5 announced it would buy its news from News Corp’s Sky News, replacing ITN.
Associated British Foods gained 9.5p to 592p after announcing it would buy Unilever’s Mexican edible oils business.
The FTSe 250 index fell 29.5 points to 6,359.3.
Aegis, a buyer of advertising time, fell 9.25p to 100.75p after announcing its new business sales fell last year.
Cairn Energy gained 150.5p to 874p after announcing additional finds of oil off Inida.
Stocks have fallen in the US this afternoon. The Dow Jones Industrial Average index is currently down about 40 points to 10,489.IFAonline
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