Spreadex Market Update
Tesco, RBS and Persimmon put squeeze on FTSE as supermarket, banking and property sectors suffer
It seems that the latest collapse from the banking and property sectors, prompted by sterling’s continued slide, has proven to be too much to bear for the FTSE, especially with the supermarket stocks, fearing a summer price war, joining in with the fun. A series of big hitters have all suffered this Wednesday; Lloyds and RBS and now down over 5%, Persimmon and Berkeley Group Holdings have fallen 2-3% while Tesco is leading the day’s losses with an 8% plunge. That’s too much for even the remarkably resilient FTSE100, which is now teetering just above 6450 after falling nearly 100 points, its lowest price in just shy of a week.
None of this was news to the Eurozone indices, which have been struggling since the start of the day. The DAX and CAC both dropped by around 2%, displeased with the 0.8% the euro has taken off the pound since this morning.
Not wanting to be left out the Dow Jones soon got in on the action after the bell, the index falling by half a percent as the US session got underway. Even an 8 month high ISM services of 56.5 couldn’t help out the Dow, which watched in horror as the dollar gained around 1% against the pound.
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