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FTSE 100 drops further after US jobs report | |
(about 3 hours later) | |
(Afternoon): The FTSE 100 extended its losses after the release of the latest US jobs figures. | |
The US economy added 173,000 jobs in August, which was slightly below analysts' forecasts. | |
However, the jobless rate dropped to 5.1%, which is the lowest since April 2008. | |
The FTSE 100 index - which had been down about 1.7% before the figures were released - dropped further, standing down 120.70 points, or 2%, at 6,073.40. | |
The jobs report is the last before the US Federal Reserve meets later this month to determine whether to increase interest rates. | |
Analysts said the jobs data failed to give a clear cut indication of what the Fed would do. | |
"Although there were no fireworks in the report, it was by no means disappointing," said Ranko Berich, head of market analysis at Monex Europe. | |
Among individual shares, Next shares dropped 2.4% after Exane BNP Paribas cut 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. | Retail shares also came under pressure after a downbeat survey from accountancy and business advisory firm BDO. |
The study found High Street sales were down 4.3% in August from a year earlier. | The study found High Street sales were down 4.3% in August from a year earlier. |
In the FTSE 250, shares in online betting company Bwin.party gave up early gains to stand 2.8% 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 1.7%. | |
On the currency markets, the pound fell 0.5% against the dollar to $1.5187, and dropped 0.3% against the euro to €1.3675. |