News article

FTSE suffers losses of 0.7%

FTSE suffers losses of 0.7%
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The British stock market saw further declines yesterday (May 11th 2011) as the FTSE 100 Index dropped by 0.7 per cent. 

It fell by 42.89 to 5,876 at yesterday's 16:40 GMT close in London.

In addition to this, the FTSE All-Share Index also fell by 0.7 per cent, reports Bloomberg.

Head of sales at Capital Spreads in London Angus Campbell told the news provider: "Risk assets were sold across the board today after initially putting in some decent gains."

He went on to say: "A move back in the dollar caused commodity markets to weaken."

Atif Latif, director of trading at Guardian Stockbrokers, suggested to Reuters that the decline could also be the result of the weakness of selling shares because of the fiscal tightening in China and the concern about Greece's debt problems.

This news comes as Bloomberg reported that Bank of England's governor Mervyn King commented on the level of inflation in the UK, saying it is "uncomfortably high" at the moment.

Posted by Greg SeckerADNFCR-1681-ID-800530551-ADNFCR