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FTSE tumbles as jitters take hold | FTSE tumbles as jitters take hold |
(about 1 hour later) | |
(13:30): Hopes for a rebound on the FTSE 100 after Wednesday's shares rout have faded, after an initial rally petered out. | |
After opening higher by 1%, gains went into reverse, with the index now trading down by 1.3%, or 82 points, at 6,101.11. | |
In France, the CAC-40 dropped by 2% while Germany's Dax fell by 1.6%. | In France, the CAC-40 dropped by 2% while Germany's Dax fell by 1.6%. |
London's blue chip index saw its heaviest one-day fall in 16 months on Wednesday, dropping by 2.8%. | London's blue chip index saw its heaviest one-day fall in 16 months on Wednesday, dropping by 2.8%. |
That marked its lowest point since July last year and wiped £46bn off shares. | That marked its lowest point since July last year and wiped £46bn off shares. |
The biggest loser for the second day in a row was drugs firm Shire, which lost 22% on Wednesday on the potential collapse of a £32bn takeover by US rival AbbVie. It was down by a further 9% on Thursday after the company confirmed it was no longer interested. | The biggest loser for the second day in a row was drugs firm Shire, which lost 22% on Wednesday on the potential collapse of a £32bn takeover by US rival AbbVie. It was down by a further 9% on Thursday after the company confirmed it was no longer interested. |
The market's muted performance followed another torrid session on Wall Street and gloom on Asian markets overnight, amid continuing worries over the global economy. | The market's muted performance followed another torrid session on Wall Street and gloom on Asian markets overnight, amid continuing worries over the global economy. |
US retail sales for September fell 0.3% on the previous month and other key data on manufacturing cemented a gloomy picture, prompting steep falls on Wall Street. | US retail sales for September fell 0.3% on the previous month and other key data on manufacturing cemented a gloomy picture, prompting steep falls on Wall Street. |
"'The market free fall has continued today, and the FTSE 100 has now suffered a technical correction, falling over 10% since the beginning of September," said Laith Khalaf from the stockbroker Hargreaves Lansdown. | |
"Markets are in fretful mode, heightened by the spectres of 2008 and 2011, which still haunt investors," he said. |