Better-than-expected economic data from the US spurred buying activity in Tokyo on Thursday, but raised only a tiny cheer in London.
The Dow Jones closed Wednesday more than 89 points up, or 1.2%, to 7,749 after figures showed home sales and orders for cars and household appliances thrashed forecasts. But in the UK the FTSE only marginally advanced in early trading, climbing less than five points, or 0.15%, to 3,894 shortly after 9am. Hedge fund giant Man Group advanced more than 12% despite forecasting a 43% dip in annual profits for 2008/9. Profit before tax is expected to dive $1.2bn in the 12 months to 31 March from $2.1bn a year earlier, it revealed on Thursday, while funds under management fell by more than a...
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