London shares down as US stalls deal announcement; all eyes on UK unemployment data

<p>On the home front London shares dropped in early trading this morning, ahead of the latest UK unemployment figures being released and with the current […]</p>

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On the home front London shares dropped in early trading this morning, ahead of the latest UK unemployment figures being released and with the current uncertainty over the US budget crisis. We saw an impact on the FTSE, which opened down 10 to 11 points at 6538.

With European markets breaking a four-day winning streak today after US politicians were still discussing to come to some sort of agreement on a deal aimed at raising the debt limit and reopening federal agencies that have been closed for the past two weeks.

Among the top fallers was LMVH Moet Hennesey, Louis Vuitton, down 5.6% after the luxury goods firm said late yesterday that sales at its core fashion and leather goods division fell in the third quarter and shares of Danone lost 3.5% after the yogurt firm cut its full year targets.

Mining stocks were on both sides of the scale, with Vedanta Resources shedding 1.1% but Randgold Resources adding on 1.8%, so a lot of cautious trading at the moment as we see a lot of volatility in the markets ahead of the UK unemployment figures coming out at 9.30am this morning.

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