Investing
FTSE sheds gains as investor jitters return
Major indices across Europe have opened lower this morning, reversing gains made yesterday as the International Monetary Fund cut Chinese growth forecasts.
The FTSE 100 was off 1.2% or 80 points at 6,681 points, on a day which saw just two companies on the UK’s blue chip index make any gains.
Mining stocks were particularly affected after the IMF trimmed its 2013 China growth forecast from 8% to 7.75%.
Despite the drop, the index remains on course to complete its twelfth month of consecutive gains following a positive start to May.
Other indices across Europe were also in the doldrums this morning, with the French CAC 40 down 0.9% at 4,013 points, and the German DAX off 0.8% at 8,410.
Shares in Asia were also muted overnight with a small up tick for the Nikkei 225 of just 0.1% to 14,325, while the Hong Kong Hang Seng fell around 0.5% to 22,817.
Click here to view our Sponsored Content Hub
The losses across Europe so far follow another record closing high for the Dow, which closed at 15,409 points in the US last night. The S&P 500 also climbed to close at 1,660 points.