Markets fall on US recession fears

Pharmaceutical group Shire fell 37 points, or 3.5%, to 953p after an analyst dropped its recommendation to ‘under perform’.

Plumbing materials supplier Wolseley fell 25.5 points, or 3.5%, to 707p as it suffers from the ailing US housing market.

Mining group Xstrata rose 122 points, or 3.49%, to 3622p following reports Brazilian minder Vale has begun to arrange funding for a $50bn takeover.

Carphone Warehouse Group rose 3.75 points, or 1.25%, to 302.75p after reporting a 14% rise in sales revenue.

The Dow Jones dropped 171.44 points, or 1.38%, to 12207.17c as American Express suffers from a drop in consumer spending. The credit card company fell 1.67 points, or 3.54%, to 45.44c.

Intel Corporation fell 0.69 points, or 3.33%, to 20c.

Caterpillar rose 0.68 points, or 1.04%, to 65.93c as its fourth quarter earnings rose 11%.

The Nikkei fell 4% to 13,087.91 yen as materials manufacturers slumped. Nippon Steel fell 7.7% to 639 yen while glass maker Hoya fell 9.8% to 3,120 yen.

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Jennifer Bollen
Reporter
Tel: 020 7034 2679
E-mail: [email protected]

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