Arab Today, arab today london shares lower in wake of falls in us asia
Last Updated : GMT 12:03:52
Arab Today, arab today
Arab Today, arab today

London shares lower in wake of falls in US, Asia

Arab Today, arab today

Arab Today, arab today London shares lower in wake of falls in US, Asia

London - AFP

Shares fell in London trade on Wednesday, following sharp losses in Asia and on Wall Street on mounting concerns over a weakening global economic outlook, traders said. The benchmark FTSE 100 index dropped 64.86 points or 1.13 percent to 5,653.53 at 8.31 am. Traders switched their attention from the US debt deal to the weakening global economic outlook and fears of fresh sovereign debt contagion in the eurozone. Despite President Barack Obama\'s signing off on the deal to raise the US debt ceiling and avoid a devastating default, equities suffered a heavy sell-off and investors put their cash in safe haven gold, which surged to a record high. In overnight trade, concern was focused on Italy and Spain with spreads between yields on their sovereign bonds and those of Germany hitting record levels, dampening hopes that the eurozone debt crisis might soon be over. The premium demanded for buying Spanish 10-year bonds over safe-bet German bonds surged to more than four percentage points -- 404 basis points -- the highest since the introduction of the euro in 1999. Investors sold down Spanish and Italian bonds on concerns that their debt problems would only get worse as economic growth slows. The \"market mood is likely to remain cautious on the back of the fear of US double dip recession and debt contagion in Europe,\" said Credit Agricole in a note, according to Dow Jones Newswires. Losses in London were spread widely across in market, with semiconductor specialist Arm Holdings sinking 6.05 percent to 535.50 pence, Cairn Energy dropping 4.48 percent to 336.90 pence and Intercontinental Hotels falling 4.36 percent to 1.097 pence. Aggreko, supplier of temporary power facilities, was also hit by anxiety about the weak economic outlook, shedding 3.74 percent to 1,803 pence. Miner Kazakhmys lost 3.43 percent to 1,212 pence. Shares in travel company Thomas Cook surged 5.92 percent to 64.40 pence following news that chief executive Manny Fontenla-Novoa has resigned with immediate effect. It also said underlying operating profit for the second quarter tumbled to £20.1 milllion from £25.8 million a year earlier. Standard Chartered rose 1.54 percent to 1,578 pence after it announced that profit from its banking operations, mainly in Asia, African and the Middle East, soared 20 percent in the first half. Marks and Spencer edged up 0.83 percent to 338.40 pence. The Bank of England\'s monetary policy committee meets today but analysts expect it to keep interest rates unchanged at a record low of 0.50 percent. \"The run of weaker news on the economic recovery has made a near-term interest rate rise even less likely than before,\" said Vicky Redwood, senior analyst at Capital Economics research group.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today london shares lower in wake of falls in us asia Arab Today, arab today london shares lower in wake of falls in us asia

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 06:04 2017 Tuesday ,28 March

Saudi Arabia ranks 3rd globally for smartphone use

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday