The credit crunch has claimed two more victims today - and they are not financial companies.
Anyone thinking the sub-prime problem is something too esoteric to have any effect on the real world would have been swiftly disillusioned after profit warnings from jewellery retailer Signet and car dealership Pendragon.
Signet - the phoenix from the ashes of Ratners - has been a fairly steady performer in recent years. But today it said it would miss analysts forecasts because of the weak retail environment in the US, a consequence of the economic uncertainty after the sub-prime crisis. It shares slumped 13p to 64p.
Pendragon was also hit hard, down 18.75p to 35.5p after it blamed a tough US trading environment for a profit warning.
So despite a near 200 point rise on Wall Street after news of the Abu Dhabi/Citigroup deal, traders in London were far more hesitant and the FTSE 100 fell 39.8 points to 6140.7.
On the upside, insurer Benfield benefited from Aon bid talk and added 18.25p to 300p while a suggestion that banknote printing group De La Rue might break itself up lifted its shares 69p to 850p.
