UK shares tumbled after Moody's cut EU credit outlook

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Source: Dukascopy Bank SA
UK shares tumbled on Tuesday, extending previous drop after Moody's downgraded its outlook on EU credit rating to 'negative'. The ratings agency also warned that the AAA rating may be cut soon because of lack of debt crisis resolution in the region. Meanwhile, market participants are cautious ahead of the ECB press conference due on Thursday. The FTSE 100 Index plunged 1.11% to trade at 5,698.93. All sectors within the index dropped. The largest losses posted telecommunication and technology companies. Vodafone Group and Sage Group slid 2.16% and 1.55%. Vodafone slumped after Sanford C. Bernstein & Co cut its recommendation to 'market perform' from 'outperform'. Real Estate firms went lower after UBS, JPMorgan Chase & Co and Exane BNP Paribas lowered the biggest UK property investment fund to 'neutral'. British Land and Hammerson sank 1.39% and 0.35%. Meanwhile, Next plunged 1.89% as Exane downgraded the company to 'underperform'.

 

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Tue, 04 Sep 2012 14:44:26 GMT

Spanish unemployment increased for the first time since April

On Tuesday, the Spanish Employment Ministry reported that the level of registered unemployment increased by 38,179 in August from the July's figure of 4.63 million. However, this is less than a 51,185 increase in August in the previous year. Spanish joblessness increased for the first time since April when it grew by almost 39 thousand.

Tue, 04 Sep 2012 14:33:26 GMT

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Markit market research group reported on Tuesday that activity in U.K.'s construction sector fell. Markit's construction PMI declined by 1.9 points and reached 49.0 on a seasonally adjusted basis, while the analysts expected that the index would decrease by 0.9 points. Following the release of the data, the Cable trimmed gains versus the U.S. Dollar and was traded at 1.5893.

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