Further AIG writedowns hit US markets

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Wall Street trading was down on opening due to a rise in unemployment and poor retail figures, with the Dow Jones index falling 107.55 points (0.92%) to 11,548.52.

Intel shares made modest gains, up 0.53 (2.32%0 to $23.33, while Microsoft added 0.43 (1.59%) to $27.46. AIG shares fell the most in over 25 years this morning as the firm unveiled further writedowns, down 5.03 (17.29%) to $24.06. Wal Mart shares fell 2.51 (4.13%) to $58.25 after reporting poor sales figures. In London, shares fell back after a positive start to the day, with the FTSE 100 index losing 8.6 points (0.16%) to 5,477.5. Eurasian shares made major gains, up 100p (9.83%) to £11.17, while Smith & Nephew added 29.5 (5.2%) to 597p. Liberty International lost 48.5p (5.39%) to 851...

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