FTSE and other major indices opening modestly lower this morning
Mansur Chowdhury September 24, 2012 4:00 PM
<p>- After a pretty range bound market last week, we see the FTSE and other major indices opening modestly lower this morning. China’s Beige Book […]</p>
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- After a pretty range bound market last week, we see the FTSE and other major indices opening modestly lower this morning. China’s Beige Book showed that growth and manufacturing, trade and retail sales decelerated in third quarter of 2012, along with market disappointment at Spanish and Italian bonds rising again. Also the ongoing lack of agreement on a solution to the eurozone debt crisis appears to still be taking effect.
- The FTSE found strong resistance near the 5900 level last week, and after gradually falling as the week progressed, today opened 30 points lower and is currently at 5830.
The DAX 30 points lower at 7420, with the French CAC 30 points lower at 3500.
- Miners are the heaviest fallers this morning, as metal prices are sent lower due to the tension between China and Japan. Evraz and Anglo American down 3.5% and 3.2% respectively, with Eurasian Natural Resources, Antofagasta and Fresnillo all amongst the biggest fallers.
- The biggest riser is Wood Group, although only 1.7% up.
- All in all, a pretty quiet day today on the economic and corporate front, with European trade balance figures being released later in the morning but a very busy week ahead.