FTSE 100 slumps despite Obama victory
Wednesday 5th November 2008, 8:49AM GMT.
The FTSE 100 was two per cent down by 08:14 GMT despite overnight rises on the Asian markets and an Obama victory.
Bookmakers and analysts were expecting a boost for UK stocks this morning after Barack Obama’s election win, with the hope the new president would turn around America’s economic woes.
However, the UK’s benchmark index opened lower at 4,632.30 and continued to fall to 4,546.77 by 08:14 GMT.
The slump was led by mining stocks – an industry that dominate the index – as Kazakhmys tumbled 10.38 per cent and Eurasian Natural Resources fell 6.92 per cent in early trading.
Investor confidence was hit by lower commodity prices and fears over a fall in demand as the world’s economic crisis grinds on.
Japan’s Nikkei 225 stock average rose 2.7 per cent to 9,341.41, and Hong Kong’s Hang Seng Index advanced 5.7 per cent to 15,196.87.
The Dow Jones also surged 3.3 per cent last night ahead of the historic election night.
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