Investments: Wall Street falls cross Atlantic
FTSE follows US falls
Thursday, 08 May 2008 10:30
The FTSE 100 opened down this morning – after the four-month highs hit yesterday – following falls in New York yesterday.
At 9:46 BST the FTSE 100 was down 0.5 per cent to 6230.70.
Yesterday the Dow Jones and Nasdaq fell steadily over the day closing down 1.59 per cent and 1.8 per cent respectively.
US stocks fell as oil prices rose to $123 a barrel and rumours the Federal Reserves rate cutting antics could be coming to an end and the open market committee may have to start upping the cost of borrowing.
In early trading in London Next has seen gains – despite announcing sales falls – after announcing the summer weather has started to bring out shoppers.
Catering equipment manufacturer Enodis has also seen big gains over reports US rival Illinois Tool Works has agreed to buy the firm for $2.1 billion.
Generally across the markets the interest rate decisions from the Bank of England and European Central Bank due today are leaving investors a little reticent about making any moves.
Rate freezes are expected from both central banks, but the markets are readying themselves for a surprise cut.
Daniel Barnes
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