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FTSE 100 falls on energy, mining stocks
Thursday 8th January 2009, 9:37AM GMT.
The FTSE 100 continued its slump in early trading as mining and energy stocks fell further, opening lower at 4,493.47.
Prudential led the fallers, dropping 3.99 per cent by 09:00, while Vedanta fell 3.2 per cent and Rio Tinto was down by 3.15 per cent.
Banking stocks were performing better than yesterday however, with Royal Bank of Scotland up 3.67 per cent and Lloyds TSB up by 3.07 per cent.
Overnight, the US index Dow Jones index closed 2.72 per cent lower on job losses, while in Asian markets Hong Kong’s Hang Seng index slumped 3.81 per cent and Japan’s Nikkei 225 fell by 3.93 per cent.
Today, investors will be eyeing the Bank of England’s interest base rate announcement, expected at noon.
The market is expecting a cut in the interest rate of between 0.5 and one per cent, which would take the rate to its lowest in the bank’s history.
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