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

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