Britain’s blue-chip index hit a seven-month low of 6,359 points, more than 10% from its record closing high of 7,104 points in April Britain’s blue-chip index of leading shares has fallen into correction territory as fears over the global economy hit European stock markets again.The FTSE 100 index hit a new seven-month low of 6,359 points on Thursday morning, from 6,403 on Wednesday night. This is more than 10% from its record closing high of 7,104 points set in April, meaning that the FTSE is now experiencing a correction (a 20% fall would equal a bear market).“For such a long time Greece was the market moving force, be that positive or negative; now, despite a deal being signed, sealed and delivered, something that has happened against pretty formidable odds, investors have been infected with a fear over China that is outweighing any other (non-interest rate-related) news.“Another tumble by the Shanghai Composite merely reinforced the idea that the Chinese government is struggling to provide a tourniquet for its headline index, and caused the markets to open to more widespread losses after the bell.”It's all looking a bit ugly - Dow $DJIA currently forecast to start 180 points lower than Weds close, at 17169. Low for 2015 is 17,038. Continue reading...
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