The FTSE fell sharply this morning on the back of bad news from the States where stocks plunged following the announcement Morgan Stanley lost $3.7bn (£1.8bn) as a result of sub-prime debt.
The FTSE was down 41.30 to 6343.80 with miners Lonmin, Vedanta Resources, Kazakhmys, Xstrata and BHP Billiton featuring among the losing stocks. Other significant falls came from Northern Rock which dropped on news savers have withdrawn £10.5bn since September. Royal Bank of Scotland and Barclays were also hit, down 4.51% and 3.26% respectively. The Dow Jones closed down 360.92 last night at 13300.02 and there were no winning stocks. General Motors was down 6.11% as it announced a worse than expected operating loss in the last quarter ($1.6bn) while American Express fell 5.46%. Asia...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
