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London shares follow global markets with new falls Wall Street regains ground after losses
(about 2 hours later)
London's main share index, the FTSE 100, was down 1.3% at midday amid signs of more volatility on the markets. US stock indexes have regained ground after a sharp decline at the opening, helping to calm global markets.
It follows sharp losses for US shares on Friday, when the Dow Jones lost 2.5%, its biggest fall since June 2016. Investors were returning after sharp losses for US shares on Friday, when the benchmark Dow Jones lost 2.5%, its biggest drop since June 2016.
On Friday the markets were spooked by strong US wage growth which raised the possibility of an accelerated pace of interest rate rises. The decline followed months of market increases, which had fuelled concerns that share prices were over valued.
And there were early indications that US shares could fall further when trading begins on Monday. Technology stocks helped lead markets higher. Intel, Apple and Microsoft were the top three gainers on the Dow.
In London, the FTSE 100 was down 95 points at 7,348. Earlier, the biggest markets in Asian fell between 1% and 2.5%. After a sharp early loss the Dow recovered to trade just slightly lower, the broader S&P 500 also had modest losses and the technology focused Nasdaq Composite was slightly higher.
However, those falls come after some very good years for investors. London's main share index, the FTSE 100, was down 1% at mid-afternoon, also regaining ground after early falls.
Earlier, the biggest markets in Asia fell between 1% and 2.5%.
Strong wage growth on Friday had spooked investors, by raising the possibility of an accelerated pace of interest rate rises.
Any fall in shares has to be put into the context of some very good years for investors.
The Dow Jones rose more than 25% in 2017 - a year which was also unusual for its lack of sharp moves.The Dow Jones rose more than 25% in 2017 - a year which was also unusual for its lack of sharp moves.
"There is going to be more volatility this year, " Andrew Wilson chief executive of Goldman Sachs Asset Management, told the BBC."There is going to be more volatility this year, " Andrew Wilson chief executive of Goldman Sachs Asset Management, told the BBC.
"We are in a cycle where central banks are reducing the amount of bonds they are buying and some central banks putting up interest rates," he said."We are in a cycle where central banks are reducing the amount of bonds they are buying and some central banks putting up interest rates," he said.
On Friday there was a hefty 4% loss for shares in Apple, which had been one of the markets' star performers in recent years.On Friday there was a hefty 4% loss for shares in Apple, which had been one of the markets' star performers in recent years.
That selling came despite a solid trading update from the company.That selling came despite a solid trading update from the company.