No surprises in the FTSE 100 this morning; Northern Rock is crumbling and taking the index with it.
The FTSE is currently 81.9 points down, or 1.29%, to 6282.
Mortgage lender Northern Rock is in freefall in early trading, as news it went to the BoE for an emergency handout filtered through last night.
It is down 147 points so far, or 23%, to 492.
Alliance & Leicester is also feeling the effect of the Rock’s force; it has dipped 71 points, or 7.57%, to 866.5.
Pharmaceuticals group Shire is struggling, it is on 1179 – a drop or 67 points or 5.38%.
Cable and Wireless is the only stock to record any sort of significant gain so far this morning, Cazenove's bullish update yesterday has propelled the Telco to a 1.9 point jump, or 1.09% to 176.2.
In New York, speculation continued the Federal Reserve will drop interest rates next week, driving a more buoyant Dow Jones up 133.23 points, or 1%, to 13424.88.
General Motors had a stunning day, as Citi gave ‘buy’ advice to the carmaker and slapped it with a $41 price target.
The global automobile giants finished the session up 3.04 points, or 10.05%, to 33.29.
McDonald's gobbled up all-time highs yesterday as it announced the largest dividend increase in its history, closing 3.1 points up, or 6.05%, to 54.3.
J.P. Morgan Chase also performed well on Thursday, closing on 45.60 – a gain of 1.13 points, or 2.54%.
Disney led the losses, down 0.20 points, or 0.59%, to 33.52.
In Tokyo, the Nikkei closed the week in style finishing Friday trading up 306.23 points, or 1.94%, to 16,127.42.
Sapporo Holdings led the gains on news US hedge fund Steel Partners may move on the brewers, while it was up 15% at one stage it finally ended the session 7.85% points ahead, or 54 points to 742.
Food and beverages containers manufacturer Toyo Seikan also finished the week well, up 133 points, or 6.85%, to 2,075; while Sumitomo Metal Minerals was not far behind, up 6.84% to 2,420.
INPEX Holdings couldn’t continue its fine form, as crude oil prices rise its price fell 40,000 points, or 3.42%, to 1,130,000.
Mitsubishi Paper also fell; it closed the week on 216, a dip of 4 points, or 1.82%.
Trading will commence in Tokyo on Tuesday next week, following a Japanese public holiday.
To comment on this story, contact:
0207 034 2681
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till