Markets fall as President Trump pours cold water on trade talks
8 November 2019, 17:29 | Updated: 8 November 2019, 17:32
The FTSE 100 closed the day down 47.03 points, or 0.64%, to 7,359.38.
US President Donald Trump ended the week by disappointing global investors, sending shares down across Europe.
The FTSE 100 closed the day down 47.03 points, or 0.64%, to 7,359.38 after the President denied claims that all tariffs would be rolled back if he reaches a trade deal with China.
France’s Cac was broadly flat at 5,889.7 points, down 1.28 points. Germany’s Dax fell 0.46% to 13,228.56.
“The US president said he has not agreed to scrapping all the tariffs and this encouraged some mild selling of stocks. The door was left open to a partial roll-back on tariffs and that’s why the decline in stocks hasn’t been that bad,” said CMC Market analyst David Madden.
The FTSE 100 partly suffered as it was pulled lower by miners, including Rio Tinto and Evraz, who count on China’s massive construction market for much of their sales. Chinese imports fell for the sixth month in a row in October, according to new figures.
“Major mining and oil stocks are lower today in the wake of the Chinese trade data,” Madden said.
The pound was down 0.21% against the dollar at 1.2789 while against the euro it rose 0.08% to 1.1605.
In company news, Jet2.com and EasyJet have bought all of collapsed tour operator Thomas Cook’s landing slots in the UK, the company’s liquidators have said.
EasyJet snapped up 27 pairs of slots, at Gatwick and Bristol airports, for £36 million.
British Airways owner International Consolidated Airlines Group (IAG) has scaled back its forecasts for airline capacity over the next three years as it posted a rise in passenger numbers last month.
The airline giant reduced its forecasts for expected growth in available seats per kilometre to 3.4% for the years from 2019 to 2023, from its previous prediction of 6%.
Care home investor Target Healthcare has snapped up 39 properties across the UK in an £81.3 million deal.
The real estate investment trust has agreed to buy seven care homes in Yorkshire, a facility in Dorset and 31 retirement apartments in Gloucestershire.
The boss and finance chief of Asian-focused bank Standard Chartered have agreed to cut their pay after facing an angry backlash from shareholders.
Chief executive Bill Winters and chief financial officer Andy Halford both said they would allow the board to push through changes to their pension contributions.
International oil standard Brent crude remained more or less flat over the day at 62.27 (£48.73) dollars per barrel.
The biggest risers on the FTSE 100 were London Stock Exchange, up 158p to 6,904.00p, Centrica, up 1.64p to 72.94p, DCC, up 112p to 7,496.00p, Hiscox, up 15p to 1,269.00p, and Aveva, up 34p to 4,248.00p.
The biggest fallers on the FTSE 100 were Ocado, down 91.5p to 1,189.50p, Evraz, down 14.7p to 370.80p, NMC Healthcare, down 90p to 2,318.00p, Burberry, down 74p to 2,044.00p, and Rio Tinto, down 126.5p to 4,206.00p.