City Market Report

Western Mail (Cardiff, Wales), July 4, 2013 | Go to article overview

City Market Report


EUROZONE debt fears returned to haunt the market yesterday as turmoil in Egypt also sent oil prices to their highest for more than a year.

The FTSE 100 Index shed 1.2%, closing down 74.1 points to 6229.9, amid growing concerns over the future of Portugal's coalition government as it attempts to pursue the austerity measures demanded by creditors.

As well as political uncertainty in Egypt, investors were also spooked by disappointing data from the Chinese non-manufacturing sector.

But the Dow Jones Industrial Average on Wall Street edged moderately higher soon after opening following better-than-expected jobs data. Yesterday's fall on the FTSE 100 saw it lose some of the rebound seen in recent days after earlier losses triggered by credit crunch fears in China and the prospect of a tapering of economic stimulus measures in the US. Egypt is not an oil producer but its control of the Suez canal, one of the world's busiest shipping lanes, gives it a crucial role in global energy supplies.

The uncertain global outlook was reflected in the price of oil, with the New York listed price at its highest level in more than a year after a rise of more than two US dollars to around $102 a barrel.

Further cheer on the UK economy saw the pound gain strength after a purchasing managers' index showed activity in the powerhouse services sector rising at its fastest pace for more than two years in June. …

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