• FTSE 100 down 1% to 6,445
• Gold down 2.13% to $1,252.25/oz
• £/$ – 1.6350
The FTSE 100’s, decline accelerated yesterday. The index fell 1% to close at 6,445.
Sports Direct was by far the day’s worst performer, sliding 12.6%. The company warned that profits would revert to original estimates, after outperforming in the first half of the year.
Precious metals miners tracked the gold price down, with Fresnillo losing 5.2% and Randgold slipping 3.8%.
In Europe, the Paris CAC 40 fell 17 points to 4,069, and the German Xetra Dax lost 60 points to 9,017.
In the US, the Dow Jones Industrial Average fell 0.7% to 15,739, the S&P 500 lost 0.4% to 1,775, and the Nasdaq Composite was 0.1% lower at 3,998.
Overnight in Asia, Japan’s Nikkei 225 rose 0.4% to 15,403, and the broader Topix fell 0.3% to 1,238. And in China, the Shanghai Composite fell 0.3% to 2,196, and the CSI 300 slipped 0.1% to 2,406.
In the forex markets this morning, sterling was trading against the US dollar at 1.6344 and against the euro at 1.1875. The dollar was trading at 0.7265 against the euro and 103.61 against the Japanese yen.
And today, the chief executive of insurer RSA, Simon Lee, has resigned. An investigation into ‘accounting irregularities’ in the company’s Irish branch concluded that RSA would have to increase its reserves by an additional £130m. The company had already announced an injection of £70m on 8 November.
New to MoneyWeek?
Welcome, and thank you for visiting us.
Here at MoneyWeek, our aim is simple. To give you intelligent and enjoyable commentary on the most important financial stories of the week, and tell you how to profit from them.
If you've enjoyed what you've read so far, I've got something you'll definitely be interested in.
Every working day the MoneyWeek team sends out a hard-hitting email, 'Money Morning', giving you a rundown of the latest financial events, and revealing what you should do to maximise profits and head off losses…
And with your permission, I'd like to send you Money Morning for FREE.
To sign-up enter your email address below.
We hope you enjoy your stay on the site. Good luck with your investments!
Digital Managing Editor, MoneyWeek