FTSE 100 Closes In the Red

Wednesday, 28th November 2018

The poorest performer in the FTSE was Johnson Matthey. The chemicals company fell by 4%, to end the day at 2,950p.

The FTSE 250 fared no better, shedding 58 points, to end the day at 18,660. In Wall Street, the picture was also poor, with the Dow Jones shedding 86 points and the S&P 500 down by six points. The Nasdaq completed the poor picture, closing down by around 16 points.

David Madden, an analyst for CMC Markets, said that stock markets were in the red following on from a bullish move yesterday. Fears regarding the US-China trade picture, Italy’s budget, and Brexit, all factored into the weakness, Trump has warned that the levy on Chinese imports might increase and that further tariffs could be on the way. This has reduced any optimism that there could be a deal reached at the G20 summit.

The political uncertainty surrounding Brexit was bad news for banks in particular, with Morgan Stanley cutting its price target for Royal Bank of Scotland, and Barclays. Shares in the two banks fell by 2.2%, and 0.4% respectively. The central bank is due to release its annual report today, which will discuss how well banks may be able to withstand any Brexit related economic shock.

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