In a rough morning trading session today the FTSE stock index fell by over 0.5% on general fears of global economic slowdown. A number of blue chip shares led the way southwards while the initial positivity over the Greek bailout faded away into fears that the package may not be enough to stave off eventual debt default and further subsequent EuroZone failure.
By Mid-day today the FTSE, London’s leading share index lost over 30 points, falling to 5,897.85 by 1207 GMT. The index was helped downwards by the leading economic ratings agency Fitch downgrading Greece following this week’s bailout agreement.
Large UK retailers are under increasing pressure as consumer uncertainty over how long the current recession will continue and if the country is facing a further double-dipped recession.
Leading British retailers saw significant falls over the 24 hour trading period:
- Marks & Spencer dropped 2%
- Next dropped 1.6%
- Tesco dropped 1.1%
- Vodafone UK dropped 1.7%
- Vedanta Resources dropped 4.3%
