FTSE takes a battering on economic fears

Laura Miller
clock

Disappointing US jobless data coupled with meltdown fears in Greece and Portugal as well as poor figures from Shell, hammered share prices in London today.

The FTSE plummeted 2.17% to close down at 5,139.31. Claimant figures in the US sparked the late afternoon sell-off. Jobless claims hit 480,000 last week, according to figures from the US Labor Department, the highest since 12 December and worse than expected. The news smashed a London market already under pressure from the weakness of banks and miners, with dollar strength punishing metals prices leading mining share investors heading for the exits. Antofagasta, down 7.3% to 830.00p a share, ENRC, down 7.14% to 885.00p a share, and Xstrata, down 5.96% to 1002.00p a share were the w...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Discussion-worthy stuff': Chinese assets under pressure

'Discussion-worthy stuff': Chinese assets under pressure

China has an 18% share of global GDP and only a 3% MSCI ACWI weighting

Chris Justham
clock 02 April 2024 • 2 min read
Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read