FTSE down 110 points at 8.30am

<p>European markets have started October in the same manner as they ended September. After the FTSE finished down 68 points at 5128 on Friday, we […]</p>

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  • European markets have started October in the same manner as they ended September.
  • After the FTSE finished down 68 points at 5128 on Friday, we have seen a further sell off in equities, with the FTSE currently down 110 points at 5018 after briefly slipping below the psychological level of 5000 in early trading.
  • With equities struggling, traders are again looking towards gold as a safe haven, pushing the metal up $32.
  • This is positive for Rangold Resources who are currently the only positive company in the FTSE, up 0.5%.
  • Banks are dragging the markets down this morning, with Barclays down 5% while RBS is down 4% and Lloyds is down 3.5%.
  • We also have Burberry down 6%, the biggest faller, back to levels last seen in April. This is despite a positive broker recommendation by Goldman Sachs, which raised its price target on the luxury retailer to £22 – almost double their current share price.
  • On the macro front we have manufacturing figures coming out today, with UK figures due at 9.30am while U manufacturing data will be released at 3pm (London time).

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