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UK shares dip after overnight losses in Asia

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05/09/2012
UK shares were once again lower this morning, extending yesterday's sharp losses as falls in Asia overnight impacted confidence.

Following on from yesterday’s 1.5% drop, which left the FTSE 100 at 5,672 points, shares continued to slide marginally in the opening minutes of trading, with the index down 5 points at 5,667.

BP was the main culprit, its shares down 3% at 423p, while miners were also weaker.

Losses came after a tough session in Asia which saw major indices take a tumble.

The Nikkei 225 closed down 1.1% at 8,679.8, while the Hong Kong Hang Seng Index was 1.4% weaker at 19,160.9.

In the US markets also finished weaker, although they had climbed off lows.

The Dow closed down 0.4% at 13,035.9 points, while the S&P 500 bounced back from lows to finish down just 0.1% at 1,404.

European shares had already endured a rough session yesterday, with major markets falling on growth fears, while the threat of a downgrade of Europe’s credit-rating by Moody’s also hit sentiment.

As a result the French CAC 40 closed down 1.6% at 3,399, while the German DAX was 1.2% weaker at 6,932.6.

European shares were marginally firmer today, with the CAC 40 and German Dax both up 0.2%.

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