FTSE Rebound Short Lived After Wednesday’s Losses

Hopes for a rebound on the FTSE 100 after Wednesday’s shares rout have faded, after an initial rally petered out.

After opening higher by 1%, gains went into reverse, with the index now trading down by 1.3%, or 82 points, at 6,101.11.

In France, the CAC-40 dropped by 2% while Germany’s Dax fell by 1.6%.

London’s blue chip index saw its heaviest one-day fall in 16 months on Wednesday, dropping by 2.8%.

That marked its lowest point since July last year and wiped £46bn off shares.

The biggest loser for the second day in a row was drugs firm Shire, which lost 22% on Wednesday on the potential collapse of a £32bn takeover by US rival AbbVie. It was down by a further 9% on Thursday after the company confirmed it was no longer interested.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza