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FTSE drifts lower on economy worries Draghi's euro vow bolsters markets
(about 5 hours later)
(Midday): Uncertainty over the health of the global economy triggered a poor morning session for the FTSE 100. (Close): Mario Draghi's vow to do "whatever it takes" to save the euro boosted the FTSE 100, which closed 0.26% higher at 6,638.3.
The UK's main share index was down 15.9 points at 6638.3, following falls on Asian stock markets. The European Central Bank president reiterated that it was prepared to buy government bonds if inflation in the eurozone fails to rise.
Arm Holdings was among the FTSE 100's biggest risers, up 2%, while Anglo American rose 2.5%. Arm Holdings held on to its earlier gains to end the day as the biggest blue-chip riser, up 2.4% at 890p.
A big faller was Weir Group, down 2.44%. Supermarkets were also lower, led by Sainsbury, down 2.1%. The biggest faller was Weir Group, which slid almost 3.8% to £20.47.
On the currency markets, the pound fell 0.02% against the dollar to $1.5665, and slipped 0.03% against the euro to €1.25. Supermarkets were also lower, with Sainsbury's closing down 1.6% and Tesco shedding 1.2%.
In Germany, the Dax index fell 0.15% to 9,239, while France's Cac 40 slid 0.25% to 4,191.7. After the market closed Marks & Spencer said it had appointed Helen Weir as its new chief finance officer.
Investors were nervous after Japan's economy sank back into recession, and UK prime minister David Cameron said there were warning signs that the global economy faced "instability and uncertainty". She had been doing the same job for the past two years at the John Lewis Partnership after running the retail division of Lloyds Banking Group.
The news had earlier sparked a fall in Asian markets, with the benchmark Nikkei closing down almost 3% to 16,973.80. Mr Draghi's remarks to the European Parliament also helped Germany's Dax close 0.6% higher, while France's Cac 40 made similar gains to end at 4,226.
Investors had been nervous after Japan's economy sank back into recession, and UK prime minister David Cameron said there were warning signs that the global economy faced "instability and uncertainty".
The news had earlier sparked a fall in Asian markets, with Japan's Nikkei closing down almost 3% to 16,973.8.
It was the biggest one-day drop for the Nikkei since August.It was the biggest one-day drop for the Nikkei since August.
On the currency markets, sterling dipped to a fresh 14-month low against the US dollar at to $1.565 and gained 0.4% against the euro to €1.2563.