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FTSE 100 lower ahead of US jobs report FTSE 100 drops ahead of US jobs report
(about 3 hours later)
(Open): Shares in London fell sharply in early trade, surrendering much of the gains made on Thursday. (Noon): The FTSE 100 gave up nearly all the gains it had achieved on Thursday, with investors remaining cautious ahead of key US jobs figures.
After climbing 1.8% in the previous session, the FTSE 100 index was down 64.70 points, or 1%, at 6,129.40. The data will give the latest clues on the health of the US economy and could influence the timing of rate rises.
Investors are expected to remain cautious ahead of key US jobs data due out later. After climbing 1.8% in the previous session, the FTSE 100 index was down 108.78 points, or 1.75%, at 6,085.42.
The non-farm payrolls figure will give the latest indication as to the health of the US economy and could influence the timing of interest rate rises. Next shares dropped 3.6% after Exane BNP Paribas cut its rating on the firm to "underperform" from "neutral".
Shares in retailers came under pressure following broker downgrades. Next was the biggest faller in the FTSE 100, down 3.4%, after Exane BNP Paribas lowered its rating on the firm to "underperform" from "neutral". Retail shares also came under pressure after a downbeat survey from accountancy and business advisory firm BDO.
In the FTSE 250, shares in online betting company Bwin.party rose 1.9% after it agreed to a £1.1bn takeover offer from GVC. Bwin had previously accepted a rival offer from 888 Holdings. The study found High Street sales were down 4.3% in August from a year earlier.
On the currency markets, the pound fell 0.2% against the dollar to $1.5229, and dropped 0.3% against the euro to €1.3668. In the FTSE 250, shares in online betting company Bwin.party gave up early gains to stand 0.2% lower. Bwin has agreed to a £1.1bn takeover offer from GVC, having previously accepted a rival offer from 888 Holdings. Shares in 888 were up 4%.
On the currency markets, the pound fell 0.2% against the dollar to $1.5227, and dropped 0.3% against the euro to €1.3676.