Markets fall on US recession fears

Pharmaceutical group Shire fell 37 points, or 3.5%, to 953p after an analyst dropped its recommendation to ‘under perform’. Plumbing materials supplier Wolseley fell 25.5 points, or 3.5%, to 707p as it suffers from the ailing US housing market. Mining group Xstrata rose 122 points, or 3.49%, to 3622p following reports Brazilian minder Vale has begun to arrange funding for a $50bn takeover. Carphone Warehouse Group rose 3.75 points, or 1.25%, to 302.75p after reporting a 14% rise in sales revenue. The Dow Jones dropped 171.44 points, or 1.38%, to 12207.17c as American Express suffers...