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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

FTSE 100 falls back as Wall Street slides

The euphoria over the Federal Reserve rate cut has faded somewhat, with Wall Street down around 100 points in the opening half hour of trading.

News that Morgan Stanley had turned in a worse than expected quarterly loss reminded investors that the scars of the credit crunch are far from over. Traders were also awaiting details of any cut in oil production by Opec. The crude price has dipped towards $43 a barrel in anticipation of a big cut, but so far no news has emerged.

So the FTSE 100 is back in the red, down 9.91 points at 4299.17. Banks are still among the biggest fallers, with the Morgan Stanley news adding to the existing downbeat mood in the sector.

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