Market overview: FTSE slides amid mixed reaction to ECB statement
1630: Close European markets fell on Thursday, as investors were left disappointed following Mario Draghi's announcement that the ECB will buy assets for the next two years in a bid to boost economic growth and inflation in the Eurozone. The ECB is expected to commence buying bonds in October, while it plans to purchase asset-backed securities within the final quarter of 2014. The UK construction PMI rose to 64.2, up 0.2 points from August and beating analyst forecast of a 63.5 reading. Ashtead Group was the biggest faller on the FTSE 100, while Hargreaves Lansdown topped the risers chart. The FTSE 100 closed down 111.13 to 6,446.39 points.
1330: Initial weekly unemployment claims dropped by 8,000 to 287,000 (consensus: 297,000).
1320: Reports cite Morrison’s as having announced that it will be price-matching against competitors, which could weigh on the wider sector.
1245: The European Central Bank has maintained its main policy rate unchanged at 0.05%, as expected.
1058: The Bank of England’s Kristin Forbes has been cited as saying that there are not sufficient inflation pressures coming through in the data. Earlier in the day another BoE official, Ben Broadbent this time, was cited as saying the UK was not yet ready for a rate increase.
1000: The UK may face a ratings downgrade should it decided to leave the UK, S&P’s Kraemer told the BBC.
0930: Markit’s construction PMI for the UK during the month of September has come in at 64.2, versus 64 for the month before (consensus: 63.5).
0821: UK stocks are again moving lower first thing on Thursday, on the heels of a negative start to the month overnight Stateside. Asian stocks also saw sharp drops this morning, with the Nikkei-225 having fallen by 420 points no less. Traders are very much focused on this afternoon’s European Central Bank policy meeting and follow on press conference from president Mario Draghi. FTSE 100 down 22 to 6,533.04.