FTSE 100 dips on opening
Wednesday 10th December 2008, 9:17AM GMT.
The FTSE 100 has dipped following last night’s rally and was down 23 points by 08:45 BST.
Stocks were lower across most industries in early trading but yesterday’s poor sales figures hit retail stocks particularly hard.
Legal and General Group shares led the decline, with a 3.76 per cent fall, while Marks & Spencer was also 3.59 per cent down and Next fell 2.76 per cent.
Mining stocks enjoyed a rise this morning, despite ongoing weak metal prices.
Rio Tinto shares were up by 10.02 per cent on the announcement that 14,000 jobs will be cut, while Wood Group followed with a 7.08 per cent rise and Xstrata gained 5.68 per cent.
Asian markets responded positively to hopes Beijing is planning a massive stimulus package for the Chinese economy and on news the US has finally agreed to bailout the auto companies.
Japan’s Nikkei 225 closed 3.2 per cent up, a high for the month, while shares on Hong Kong’s Hang Seng index soared 5.6 per cent.
However, in the US the Dow Jones ended flat, as news of corporate layoffs offset hopes for a car industry rescue.
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