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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Euro worries and Gap cotton warning send Wall Street and FTSE lower

An opening decline on Wall Street has helped send the London market into negative territory after its bright start to the day.

Worries about the eurozone - especially any restructuring of Greece's debt which could have a knock-on effect elsewhere - as well as downbeat news late on Thursday from clothing retailer Gap have combined to send the Dow Jones Industrial Average more than 80 points lower in early trading.

So the FTSE 100, which reached 6017 at its peak for the day so far, is now down 5.90 points at 5950.09. Amec is the biggest faller, down 32p at £11.55 on reaction to its investor day, with analysts saying it could be on the lookout for more deals at the expense of any special dividend to shareholders.

Next is 27p lower at £22.41 after Gap slashed its profit outlook for the year because of rising cotton prices. Lloyds Banking Group is down 1.12p at 52.01p after Goldman Sachs removed the bank from its buy list.

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