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FTSE Slips as Market Sell off Occurs Globally

Thursday, 6th December 2018
UNDEFINED

The major Wall Street indexes all fell by more than two percent, while the FTSE 100 fell by 3.3%, dropping below 6,700 - its lowest level in the last two years. Falls in the European indexes were also steep, with Paris and Fankfurt both dropping by approximately 3.5%

Oil prices also fell. Brent Crude is down by 3%, to $59.69 a barrel. The tech sector was also hit too, as the CFO of Chinese telecoms giant Huawei was arrested in Canada, reviving fears of a trade war between China and the USA.

Trading in Wall Street paused on Wednesday, to allow for the funeral of the former President George W Bush. As the markets reopened on Thursday, there were hopes that we might see some health and optimism after Tuesday’s losses, but this was not to be and the downward trend continued.

Concerns about oil prices, trade tensions and slow economic growth meant that financial, energy and materials companies all performed poorly. Antofagasta and Glencore were two of the biggest losers in the major indexes.

Earlier in the day Asian markets were also struggling, with the Nikkei shedding 1.9 percent, and the Hong Kong Hang Seng falling by 2.5 percent. Investors are clearly becoming very risk averse, and the markets are concerned about rising interest rates, the US-China trade war, and rising global economic growth.



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