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(Noon): Some weak economic data, together with reports that thousands of Russian troops were massing on Ukraine's border, hit shares in Europe. | |
In London, the benchmark FTSE 100 index was down 74.54 points, or 1.1%, at 6,607.94. | |
Similar falls were seen across Europe, with Germany's Dax index falling 1.4% and France's Cac 40 dropping 1.1%. | |
GDP figures from Italy showed the economy fell back into recession in the second quarter of the year. | |
Separate figures showed that German industrial orders in June recorded their largest monthly fall since September 2011, while the UK's manufacturing sector rose by a smaller-than-expected 0.3% in June. | |
Chris Beauchamp, market analyst at IG, said: "The conditions still seem to point towards more pain for equity investors, especially now the big name earnings are mostly out of the way. | Chris Beauchamp, market analyst at IG, said: "The conditions still seem to point towards more pain for equity investors, especially now the big name earnings are mostly out of the way. |
"Ukraine should continue to be the big worry, especially if the US feels the need to comment publicly on Russian troop movements." | "Ukraine should continue to be the big worry, especially if the US feels the need to comment publicly on Russian troop movements." |
In London, Standard Chartered shares fell 1.9% after the bank released half-year results. Profits fell 20% - in line with previous guidance - but the bank also warned that it could face more US fines over its money-laundering controls. | |
Software group Sage was one of the better performers on the day, rising 0.5% after it announced the appointment of a new chief executive. | Software group Sage was one of the better performers on the day, rising 0.5% after it announced the appointment of a new chief executive. |
Sage said Stephen Kelly, the former head of Micro Focus, would be its new chief executive, replacing Guy Berruyer. | Sage said Stephen Kelly, the former head of Micro Focus, would be its new chief executive, replacing Guy Berruyer. |
On the currency markets, the pound fell more than half a cent against the dollar to $1.6830, and was down 0.1% against the euro at 1.2612 euros. |