FTSE drops as Wall Street falters

Power supplier International Power was the biggest faller, dropping 3.47% to 285.00p as it said it successfully placed €200m convertible bonds. Investors were also concerned about the government’s energy review, which also took British Energy lower. Marks and Spencer recovered from early falls to close up 0.34% at 585.00p as first-quarter like-for-like sales rose 8.2% in what it described as “challenging” trading conditions in the 13 weeks to end June. BAE Systems managed slim gains despite news that Airbus, its joint venture with French partner EADS, has seen orders halve since warnin...