Britain's blue-chips closed out the week on a downbeat note as investors continued to sell equities on both sides of the Atlantic ahead of two bank holidays in Britain and America.
The FTSE 100 in London fell 0.6pc to 6,654.34, a day after Britain's benchmark index suffered its heaviest drop for a year on concern over the state of the Chinese economy. Meanwhile, the Dow Jones Industrial Average in America fell 0.2pc to 15,267.92.
"After the drama of yesterday's sell-off markets have started on a much quieter note, ticking sideways as traders weigh up whether the move represents the first phase of a much deeper correction still to come," said Matt Basi, head of UK sales trading at CMC Markets said on Friday morning.
Stocks slipped despite a rebound in US durable goods orders in April, which gained 3.3pc on stronger aircraft orders after March's 5.9pc drop.
"Uncertainty regarding the timing of when the Federal Reserve will taper its asset purchases and festering uneasiness toward Chinese economic growth continue to stymie stocks," said analysts at Charles Schwab.
British and US stock markets are closed on Monday for the Spring bank holiday and US Memorial Day.
European markets also remained in negative territory following the open of trading on Wall Street, with the DAX in Germany down 0.5pc, despite survey data suggesting Europe's strongest economy was on a firmer footing than in the first three months of the year, when the economy barely grew.
The Ifo economic institute's closely-watched business climate index rose to 105.7 points in May, from 104.4 points in April. Economists had expected an unchanged reading.
Klaus Wohlrabe, an economist at the Ifo, said he expected German growth to rise significantly in the second quarter. He added that construction activity had picked up "immensely" in May, while domestic demand remained strong.
telegraph.co.uk
The FTSE 100 in London fell 0.6pc to 6,654.34, a day after Britain's benchmark index suffered its heaviest drop for a year on concern over the state of the Chinese economy. Meanwhile, the Dow Jones Industrial Average in America fell 0.2pc to 15,267.92.
"After the drama of yesterday's sell-off markets have started on a much quieter note, ticking sideways as traders weigh up whether the move represents the first phase of a much deeper correction still to come," said Matt Basi, head of UK sales trading at CMC Markets said on Friday morning.
Stocks slipped despite a rebound in US durable goods orders in April, which gained 3.3pc on stronger aircraft orders after March's 5.9pc drop.
"Uncertainty regarding the timing of when the Federal Reserve will taper its asset purchases and festering uneasiness toward Chinese economic growth continue to stymie stocks," said analysts at Charles Schwab.
British and US stock markets are closed on Monday for the Spring bank holiday and US Memorial Day.
European markets also remained in negative territory following the open of trading on Wall Street, with the DAX in Germany down 0.5pc, despite survey data suggesting Europe's strongest economy was on a firmer footing than in the first three months of the year, when the economy barely grew.
The Ifo economic institute's closely-watched business climate index rose to 105.7 points in May, from 104.4 points in April. Economists had expected an unchanged reading.
Klaus Wohlrabe, an economist at the Ifo, said he expected German growth to rise significantly in the second quarter. He added that construction activity had picked up "immensely" in May, while domestic demand remained strong.
telegraph.co.uk
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