FTSE 100 falls as Barclays (LON: BARC) and Xstrata (LON: XTA) move into the red abyss

Barclays collapsing at 3,1%, FTSE 100 loses 1.5%

In brief: FTSE 100 Index continues to be unresponsive to the positive trend on the background of Barclays PLC (LON: BARC) and Xstrata PLC (LON: XTA) a sharp decline.

The British stock market is in a deep red. Bears captured the market from the start bidding. FTSE 100 index tumbled to 5,290.13 points, giving the bears -86.28 (-1.60%). Barclays PLC (LON: BARC) is near its lowest level 323.20 points, losing -10.45 (-3.13%).

Xstrata PLC (LON: XTA) shares traded at 1,022.00, reduced by -2.94%. At the same time, the chairman of the Bank of England Mervyn King said that inflation in Britain in 2012 may slow down and be below forecasts, as well as GDP. Thus, it is expected that the consumer price index increase over 2 years at 1.5%, while the previously projected growth of 2%. Under the new forecast, GDP will increase by 3% instead of the previously expected 3.6%. King explained the causes of the lower forecast the pressure of rigid credit conditions and the planned reduction of budget expenditures.

Igor Tringlers
2010-08-11 11:10, Economics.

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