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FTSE 100 slides in widespread sell-off FTSE 100 slides and pound weakens
(about 1 hour later)
London's stock market fell more than 1% in a widespread sell-off, while the pound flirted with its lowest level against the euro since the Brexit vote.London's stock market fell more than 1% in a widespread sell-off, while the pound flirted with its lowest level against the euro since the Brexit vote.
By mid morning, the FTSE 100 was down 85.48 points, or 1.2%, at 6,823.95, with only a handful of stocks rising. By midday, the FTSE 100 was down 86.52 points, or 1.2%, at 6,822.91, with only a few stocks rising.
Intercontinental Hotels was the biggest faller, dropping 4.2% after Morgan Stanley cut its rating on the stock to "underweight" from "equalweight". Intercontinental Hotels was the biggest faller, dropping 4.4% after Morgan Stanley cut its rating on the stock to "underweight" from "equalweight".
Lloyds Banking Group was another company to suffer from a downgrade.Lloyds Banking Group was another company to suffer from a downgrade.
It fell more than 3% after Goldman Sachs downgraded the bank's shares to "sell" from "neutral". It fell 3.8% after Goldman Sachs downgraded the bank's shares to "sell" from "neutral".
Banking stocks across Europe were also under pressure after shares in Germany's Deutsche Bank hit a record low since it listed on the Xetra index following reports at the weekend that the German government had ruled out state aid for the company. Banking stocks across Europe were also under pressure after shares in Germany's Deutsche Bank fell nearly 7% to its lowest level since the 1980s. The bank's shares were hit following reports at the weekend that the German government had ruled out state aid for the company.
"Since its peaks last October Deutsche Bank's share price has fallen over 60% reflecting increasing investor disquiet about its ability to deal with its problems at a time of negative rates, shrinking profitability, no dividend and the prospect of tighter capital rules," said Michael Hewson, chief market analyst at CMC Markets UK."Since its peaks last October Deutsche Bank's share price has fallen over 60% reflecting increasing investor disquiet about its ability to deal with its problems at a time of negative rates, shrinking profitability, no dividend and the prospect of tighter capital rules," said Michael Hewson, chief market analyst at CMC Markets UK.
"While one can understand the reticence of German politicians to bailout yet another bank, particularly in the lead up to an election next year, one has to question the wisdom of articulating that reluctance out loud when markets are already nervous about Deutsche Bank's capital position.""While one can understand the reticence of German politicians to bailout yet another bank, particularly in the lead up to an election next year, one has to question the wisdom of articulating that reluctance out loud when markets are already nervous about Deutsche Bank's capital position."
On the currency markets, the pound weakened on worries over the form that the UK's exit from the EU would take.On the currency markets, the pound weakened on worries over the form that the UK's exit from the EU would take.
Against the euro, sterling was trading close to its level since the Brexit vote at €1.1505, while against the dollar it fell 0.2% to $1.2933. Against the euro, sterling was trading at €1.1494, close to its lowest level since the Brexit vote, while against the dollar it fell 0.3% to $1.2926.