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FTSE dragged down by BA owner, IAG | |
(about 5 hours later) | |
(Close): Shares in BA owner IAG dragged the FTSE lower on Friday, after the index initially opening higher. | |
The airline group fell nearly 3.5%, despite news that Qatar Airways had built a 10% stake in the firm. | |
Overall, the FTSE 100 closed down 0.9%, or 61 points, at 6,749.4. | |
BT shares were also lower, down by 2.7%, after its third quarter results revealed its pension deficit had swollen to £7bn and it is introducing a 16-year recovery plan. | |
Eurozone inflation numbers confirmed a slip for the 19-strong country bloc into deflation, worsening from December's -0.2% to -0.6% in January. | Eurozone inflation numbers confirmed a slip for the 19-strong country bloc into deflation, worsening from December's -0.2% to -0.6% in January. |
This though was largely thanks to an 8.9% fall in energy costs with less volatile prices showing inflation. | This though was largely thanks to an 8.9% fall in energy costs with less volatile prices showing inflation. |
Deflation worries investors as it can put people off spending while they wait for further price falls. | Deflation worries investors as it can put people off spending while they wait for further price falls. |
Oil prices were slightly higher in the wake of Thursday's news that US stockpiles have hit record levels. Brent crude was trading at $49.25 a barrel, while US crude was up 1.4% at $45.17. | |
On the currency markets, the pound slipped 0.21% against the dollar to $1.5034, and was flat against the euro at €1.3311. | |
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