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FTSE slides as US Fed interest rate decision nears FTSE closes lower as US Fed interest rate decision nears
(about 5 hours later)
(Noon): London's leading shares dipped in Thursday morning trading as anxious investors awaited the outcome of the US Federal Reserve's interest rate-setting meeting. (Close): London's leading shares closed lower as anxious investors awaited the outcome of the US Federal Reserve's interest rate-setting meeting.
By lunchtime, the benchmark FTSE 100 index was down 16.21 points or 0.26% at 6,213. The benchmark FTSE 100 index closed lower by 0.68% - or 42.22 points - at 6186.99.
The Fed will announce later on Thursday whether to raise US rates, which have been unchanged since December 2008.The Fed will announce later on Thursday whether to raise US rates, which have been unchanged since December 2008.
The decision is expected to reverberate throughout the global economy.The decision is expected to reverberate throughout the global economy.
Engineering firms led the index downward, with the Weir Group slipping 4% and Smiths Group shedding 3.9%. Engineering firms led the index downward, with the Weir Group slipping 2.58% and Smiths Group shedding 4.16% by close.
Analysts said the sector had suffered a knock-on effect from a profit warning issued by rival Rotork, not listed on the 100-share index, which slumped 12.8%. Analysts said the sector had suffered a knock-on effect from a profit warning issued by rival Rotork, not listed on the 100-share index, which closed 10.83% lower.
Top gainer on the index was British Airways' owner, IAG, which added 2.1%. The top gainer on the index was Compass Group which closed up 1.57%.
Merlin Entertainments, which owns Alton Towers, saw its shares fall 0.08% after it issued a trading statement saying the rollercoaster accident in June at the theme park had significantly reduced visitor numbers. Merlin Entertainments, which owns Alton Towers theme park, saw its shares fall 0.03% after it issued a trading statement saying the rollercoaster accident in June at the theme park had significantly reduced visitor numbers.
Sterling rose 0.25% against the dollar to $1.5532, but was down 0.06% against the euro at €1.3716. Sterling rose 0.1% against the dollar to $1.5509, but was down 0.07% against the euro at €1.3714.