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FTSE 100 and oil price hit fresh lows | |
(35 minutes later) | |
(Close): London shares closed at their lowest level for a year as concerns about the eurozone economy resurfaced. | (Close): London shares closed at their lowest level for a year as concerns about the eurozone economy resurfaced. |
Weak German export data reignited fears the eurozone may go back into recession, while Chancellor George Osborne warned that the UK was not immune from events on the continent. | Weak German export data reignited fears the eurozone may go back into recession, while Chancellor George Osborne warned that the UK was not immune from events on the continent. |
The FTSE 100 closed the day down 50.39 points, or 0.8%, at 6,431.85. | The FTSE 100 closed the day down 50.39 points, or 0.8%, at 6,431.85. |
US shares also suffered as fears of a global slowdown spread, with the Dow Jones index down 260 points, or 1.5%. | US shares also suffered as fears of a global slowdown spread, with the Dow Jones index down 260 points, or 1.5%. |
The oil price also fell, with Brent crude down more than 1% at $90.32 a barrel, its lowest level for more than two years. US light crude fell by 2% to $85.82 a barrel. | |
In London, B&Q owner Kingfisher led the way down, falling 5%, followed by housebuilder Persimmon, down 3.5%. | In London, B&Q owner Kingfisher led the way down, falling 5%, followed by housebuilder Persimmon, down 3.5%. |
Firms associated with travel continued to suffer as worries over the potential impact of the Ebola virus continued. Shares in British Airways owner IAG fell a further 3%. | Firms associated with travel continued to suffer as worries over the potential impact of the Ebola virus continued. Shares in British Airways owner IAG fell a further 3%. |
Shares in Vodafone fell 3.4% after Nomura cut its rating on the company to "reduce" from "neutral", while in the FTSE 250 shares in N Brown sank more than 13% after the catalogue retailer issued a profit warning. | Shares in Vodafone fell 3.4% after Nomura cut its rating on the company to "reduce" from "neutral", while in the FTSE 250 shares in N Brown sank more than 13% after the catalogue retailer issued a profit warning. |
On the upside, mining firms enjoyed a strong day, boosted by a rise in the prices of metals. | On the upside, mining firms enjoyed a strong day, boosted by a rise in the prices of metals. |
Fresnillo and Randgold Resources were up more than 6%. | Fresnillo and Randgold Resources were up more than 6%. |
Royal Mail shares rose 1% after the firm said it had reached a settlement with French competition authorities. | Royal Mail shares rose 1% after the firm said it had reached a settlement with French competition authorities. |
In July, Royal Mail said it had been informed that one of its businesses in France might have broken competition laws. Royal Mail has now set aside £18m to cover the settlement. | In July, Royal Mail said it had been informed that one of its businesses in France might have broken competition laws. Royal Mail has now set aside £18m to cover the settlement. |
The firm said the recent mild weather had hit demand for winter clothes. It now expects full-year profits of between £88m and £92m, compared with analysts' estimates of £103m. | The firm said the recent mild weather had hit demand for winter clothes. It now expects full-year profits of between £88m and £92m, compared with analysts' estimates of £103m. |
On the currency markets, the pound was down half a cent against the dollar at $1.6115, and was one-tenth of a cent higher against the euro at €1.2712. | On the currency markets, the pound was down half a cent against the dollar at $1.6115, and was one-tenth of a cent higher against the euro at €1.2712. |