London markets have started poorly this morning as a host of downgrades punished blue chip stocks in early trading. The FTSE100 is currently 43.40 points (0.74%) lower to 5818.50.
Carnival has continued its recent slide with ABN Amro cutting the cruise liner to from ‘buy’ to ‘hold’, down 4% to 1706.
A Credit Suisse downgrade to ‘neutral’ has also hit Land Securities, currently 3.18% behind to 1341.
British Land is also lower, down 3.09% to 768.50; while homebuilders are falling once again, Persimmon is 3.09% lower to 400.25.
The only stock to gain any sort of meaningful ground is Carphone Warehouse, currently 1.25% higher to 222.25.
In New York, financials struggled on Tuesday after Goldman Sachs predicted US banks would need to find a further $65bnto cover losses and write-downs. The Dow Jones IA fell 108.78 points (0.89%) to 12160.30.
Insurer AIG was the hardest hit, down 5.09% to 32.28. American Express lost 4.3% to 42.76 and Bank of America dipped 3.56% to 29.24.
Despite a dip in crude prices the oil giants continued to climb, Chevron finished 0.88% higher to 100.37 and Exxon Mobil was up 0.72% to 88.62.
In Tokyo, Japanese stocks leapt on Wednesday with real estate stocks at the forefront of gains on higher rental expectations. The Nikkei 225 closed 104.45 yen (0.73%) higher to 14,452.82.
Meanwhile, Hong Kong’s Hang Seng finished 354.64 (1.54%) ahead to 23,412.63.IFAonline
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