- Perform plummets after profit warning - Sports Direct and Wood Group fall sharply after results - Taper bets increase ahead of Fed meeting, US data in focus - FTSE 100 at lowest level since mid-October Read More
Market overview: FTSE closes down 62 points at 6,445
Thursday 12 Dec 2013
1630: Close The FTSE was firmly in negative territory by the close of today's session, as risk appetite was scaled back ahead of a potential tapering of stimulus by the Federal Reserve next week. Sector wise, the only gains were seen among utility stocks - typically seen as a 'safe haven', while the downside was led by Sports Direct despite a jump in H1 profits, and Perform Group dragged the second tier index lower following a profit warning. Macro wise, Chancellor George Osborne dismissed fears that his 'Help to Buy' scheme would create a house price bubble, while the BCC said it had upgraded its forecast for UK economic growth next year, predicting it will bounce back from the 'deepest recession in modern times'. The FTSE 100 closed down 62.47 points at 6,445.25.
1609: "The MPC’s forward guidance has continued to be relatively unsuccessful in decoupling markets in the UK from those in the US. However, investors seem to have largely priced in the prospect of tapering, suggesting that gilt yields are unlikely to jump significantly higher in response to the Fed’s next move," is telling clients this afternoon.
1533: The companies running Britain’s water, electricity and gas networks stand to gain from the regulatory framework, ratings agency Standard & Poor’s has said today, Bloomberg reports. FTSE 100 down 60 to 6,448.
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