The FTSE 100 slipped back on Friday after miners and banks reacted to poor economic data from the US. The index fell 0.8% to close at 5,455.
Banks fell on news of JP Morgan Chase's poor results for the fourth-quarter, with Barclays, Lloyds, HSBC and Standard Chartered all registering falls.
Falling metals prices affected miners, with Anglo American, Antofagasta, Lonmin, Vedanta and Kazakhmys all falling.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Defensives were mixed; GSK fell 2.6% after demand for its swine flu vaccine proved lower than expected, and Vodafone shed 1.6%, but tobacco firms British American Tobacco and Imperial Tobacco gained 1.2% and 2.1% respectively, while food retailers were also up.
Read the latest stock market news and charts here.
Europe
In Europe, the Paris CAC 40 fell 61 points to 3,954; and the German Xetra Dax was down 113 points at 5,8769.
US
In the US, the Dow Jones Industrial Average lost 0.9% to close at 10,609 - a fall of 0.1% for the week; the S&P 500 fell 1.1% to 1,136 - down 0.18% for the week; and the Nasdaq Composite was 1.2% lower at 2,288 - a fall of 1.3% for the week.
Asia
In Asia, Japan's Nikkei 225 lost 1.2% to 10,855; and the broader Topix index fell 0.9% to 957. In China, the Shanghai Composite index added 0.4% to 3,237; and the CSI 300 closed up 0.5% at 3,500.
Commodities
Brent spot was trading at $76.18 early today, and in New York, crude oil was at $77.82. Spot gold was trading at $1,135 an ounce, silver was at $18.58 and platinum was at $1,618.
Currencies
In the forex markets this morning, sterling was trading against the US dollar at 1.6327 and against the euro at 1.1354. The dollar was trading at 0.6956 against the euro and 90.91 against the Japanese yen.
UK news
And today, there was positive news for the advertising sector after the Institute of Practitioners in Advertising (IPA) said that the rate of decline in advertising spend is slowing. In its latest survey, the IPA said that 25% of companies surveyed reported a fall in spending, while 18% reported a rise. The balance of -7 is an improvement on the previous quarter's figure of -15 and is "well above the record lows seen in late 2008 and early 2009" according to the report.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
