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| Shares on both sides of the Atlantic sink in investor sell-off | |
| (about 1 hour later) | |
| UK shares fell again on Friday, with mining stocks dragging the market lower as the prices of oil and commodities continued to tumble. | UK shares fell again on Friday, with mining stocks dragging the market lower as the prices of oil and commodities continued to tumble. |
| The FTSE 100 was down 121.4 points, or 2.05% at 5,832.07. | The FTSE 100 was down 121.4 points, or 2.05% at 5,832.07. |
| Overnight, BHP Billiton announced it was writing down the value of its US shale assets by $7.2bn amid the collapse in oil prices. | Overnight, BHP Billiton announced it was writing down the value of its US shale assets by $7.2bn amid the collapse in oil prices. |
| Meanwhile, US stocks opened sharply lower after the drop in oil prices. | |
| The Dow Jones Industrial Average fell 159.22 points, or 0.97%, to 16,219.83. | |
| The S&P 500 lost 24.49 points, or 1.27%, to 1,897.35 and the Nasdaq Composite index dropped 146.07 points, or 3.17%, to 4,468.94. | |
| Miners decline | |
| In the London market, BHP Billiton shares dropped 6.3%. Among the other mining stocks, Anglo American fell 9.2% and Glencore slid 8.4%. | |
| After a brief recovery on Thursday, oil prices fell again to hit fresh 12-year lows. The price of Brent crude dropped to $29.43 a barrel at one point, while US crude futures reached a low of $29.39. | After a brief recovery on Thursday, oil prices fell again to hit fresh 12-year lows. The price of Brent crude dropped to $29.43 a barrel at one point, while US crude futures reached a low of $29.39. |
| The sell-off on the UK market followed another big fall in Chinese shares, with the Shanghai Composite dropping 3.5% on Friday. | The sell-off on the UK market followed another big fall in Chinese shares, with the Shanghai Composite dropping 3.5% on Friday. |
| Markets across Europe were lower, with Germany's Dax index down 1.7% while in France the Cac 40 dropped 1.6%. | Markets across Europe were lower, with Germany's Dax index down 1.7% while in France the Cac 40 dropped 1.6%. |
| Sterling falls | Sterling falls |
| In London, shares in telecoms group BT fell 0.4% to 465.15p, despite the Competition and Markets Authority giving final clearance to BT's takeover of mobile phone firm EE. | In London, shares in telecoms group BT fell 0.4% to 465.15p, despite the Competition and Markets Authority giving final clearance to BT's takeover of mobile phone firm EE. |
| In the FTSE 250, shares in Moneysupermarket fell 9% after investors were rattled by a larger-than-expected fall in sales in the company's insurance unit during the fourth quarter. Revenues in the insurance business were down 10% compared with a year earlier. | In the FTSE 250, shares in Moneysupermarket fell 9% after investors were rattled by a larger-than-expected fall in sales in the company's insurance unit during the fourth quarter. Revenues in the insurance business were down 10% compared with a year earlier. |
| On the currency markets, the pound hit fresh five-and-a-half-year lows against the dollar after the release of weak UK construction data. | On the currency markets, the pound hit fresh five-and-a-half-year lows against the dollar after the release of weak UK construction data. |
| Official figures showed construction output in November fell by 0.5% compared with the month before, and was down 1.1% from a year earlier. | Official figures showed construction output in November fell by 0.5% compared with the month before, and was down 1.1% from a year earlier. |
| Sterling had already weakened earlier this week after industrial production figures showed a fall in output. | Sterling had already weakened earlier this week after industrial production figures showed a fall in output. |
| The pound slid to $1.4337 at one point, its lowest since May 2010, before recovering slightly. Against the euro, sterling fell by more than one euro cent to €1.3152. | The pound slid to $1.4337 at one point, its lowest since May 2010, before recovering slightly. Against the euro, sterling fell by more than one euro cent to €1.3152. |