Factory Output Data Weighs on FTSE
The FTSE 100 index fell 1.6%, or 87.5 points, to close at 5223.1 after disappointing data indicate that factory output had stalled in October, contrary to economists’ expectations.
However, there was more positive news from Halifax, which found that house prices rose for the fifth consecutive month in November, confounding expectations of a pre-Christmas slowdown.
FTSE Drops To Five Year Low
The FTSE 100 index has dropped by 4.6% to a five-year low. As increasing anxiety about the state of the global economy hit embattled banks and demand advertisement worries sent energy and mining stocks tumbling, the London stock index tumbled to 3665.21 points shortly after. But generally speakin, the top index in UK is recovering slowly.
Other European markets are also falling at this time, with the Cac 40 in Paris down by 5.5% and the Dax in Frankfurt falling 3.5%. Then the Asian stock markets suffered from plung of Hong Kong’s Hang Seng index by 12.5% and fall of Japan’s Nikkei index by 6%.
According to experts in the field, there is more pain left. The global turmoil does not appear to be resolving soon.
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