US debt worries continue to hurt FTSE
Burberry is one of the biggest fallers on the FTSE 100 this morning.
Shares on the FTSE 100 have fallen again during early trading today (October 7th), as investors continue to show concern over debt worries in the US.
Reuters reports the blue chip index had shed 54.24 points – a decline of 0.9 per cent – in early trading, putting it on 6,399.64 points.
Among the biggest fallers was luxury goods manufacturer Burberry, which dipped by around two per cent after its chief executive was quoted as saying in French newspaper Les Echos that the firm is seeing sales in China slow.
The political disagreements over the US budget that led to non-essential parts of the government shutting down last week has spooked investors, but most still feel that when a compromise deal is eventually struck, it will lead to a rebound that will offset any losses seen in October.
Since the start of the year, the FTSE 100 has climbed by nearly nine per cent, but some of these gains have been reversed over the past two weeks due to the situation in the US, where there are also concerns that the $16.7 trillion (£10.4 trillion) debt ceiling will soon be hit.
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