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.
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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.
In Europe, the Paris CAC 40 fell 61 points to 3,954; and the German Xetra Dax was down 113 points at 5,8769.
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.
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.
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.
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.
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.
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