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FTSE 100 drops further after US jobs report | FTSE 100 drops further after US jobs report |
(about 2 hours later) | |
(Close): 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. | 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. | 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, closing down 151 points, or 2.4%, at 6,042.92. | |
The jobs report is the last before the US Federal Reserve meets later this month to determine whether to increase interest rates. | 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. | 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. | "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 2.9% 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 4.5% 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%. | |
On the currency markets, the pound fell 0.46% against the dollar to $1.5187, and dropped 0.4% against the euro to €1.3659. |