European stockmarkets, including London, were unable to offset negative sentiment from the US following renewed violence in Iraq, sending the FTSE down by 17.30 points to 4,570.80 by the close.
US markets have been hit by poor newsflow involving mortgage repackager Fannie Mae and pharmaceutical giant Merck, which has shed about $28bn in market value after withdrawing a pain killer from the market on evidence it causes strokes and heart attacks. The US Justice Department confirmed it may start an investigation into accounting procedures at Fannie Mae, which along with the second government sponsored company in the sector Freddie Mac has faced queries about its financial stability following record levels of US remortgaging. Boots closed down 19.5p at 642p, unable to turn arou...
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
