Britain's FTSE hits worst losing streak in 9 yrs |
| Reuters - Nov 24, 2011 |
Britain's blue-chip ended lower for the ninth consecutive session on Thursday, marking its worst run since January 2003, after Germany reiterated its opposition to the use of euro bonds or monetary tools to help solve the euro zone's debt crisis.
Following a meeting with the leaders of France and Italy, German chancellor, Angela Merkel, quashed market hopes that Europe's paymaster would open the door to the launch of joint euro zone bonds or a quantitative easing programme by the European Central Bank.
"It was a completely wrong signal; anyone that was in for the short term closed their position," Lee Curtis, a trader at City Index, said.
With Wall Street shut for Thanksgiving, trading volumes on the FTSE 100 were light at 88 percent of their 90-day average, encouraging intra-day profit taking and causing sharp moves on the index, traders said.
Read Full Article from Reuters
- Posted: 2011-11-24 13:48:38
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