UK stocks drop after jobless claims data

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Source: Dukascopy Bank SA
© Scanpix/Reuters
UK shares tumbled on Wednesday on concerns about the US federal budget debate and negative national data. The number of people applying for unemployment benefits jumped unexpectedly in October. Meanwhile, investors are also cautious ahead of the China's leadership change as the 18th CPC Central Committee will elect the General Secretary early on Thursday. The FTSE 100 Index dropped 0.54% to trade at 5,755.18. Only two in ten sectors included in the index climbed. Utility and technology companies were the top-performers. Centrica and National Grid rose 2.16% and 0.22%. At the same time, telecommunications and basic materials tumbled 1.22% and 0.92%. BT Group and Vodafone Group declined 1.1% and 1.29%. BT Group announced that it and Tikit Group agreed on terms of cash offer that values Tikit at GBP64.2 million. Meanwhile, Anglo American shed 0.85% on news that the firm is planning to cut jobs at its Grasstree coal mine.


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Wed, 14 Nov 2012 16:03:07 GMT

King sees further contraction in UK's economy

Mervyn King said the U.K.'s economy might contract even more in the fourth quarter, as recovery is slowing down. That caused the officials to think on expanding asset purchases to accelerate the pace of growth, even though the bond purchase program was contained, as officials did not see it reflecting in the nation's economy. The Bank of England estimates quarterly GDP to grow around 2%

Wed, 14 Nov 2012 21:16:40 GMT

Euro above 2-month high versus Dollar

On Monday, the 17-nation currency remained supported slightly above a 2-month high versus the greenback, on speculation that Greek aid payments could be paid in a single lump sum. The EUR/USD pair hit a session high of 1.2756, and later consolidated at 1.2732, which was a 0.22% growth for the European afternoon trading session.

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