European and UK stocks opened down this morning, with the FTSE 100 losing 1.1%, reflecting the weak performance of US markets yesterday.
Disappointing results from telecoms producer Ericsson pushed the stock down 8.8% and also affected competitors, such as Alcatel-Lucent, down 3.5%. Lloyds banking group fell 2.0% as the Financial Times reported that the bank is looking to undertake a rights issue and refinancing. US stocks closed down yesterday, with the Dow Jones and S&P 500 falling 0.9%, despite financial stocks delivering profit surprises. Investors appeared to book profits as the S&P 500 reached 1,100, while Wells Fargo fell 5.1% following a negative broker comment, despite reporting record third quarter profits. ...
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