FTSE Slumps on Record Low Service Sector Data

Investment confidence took a harsh blow at the start of the week as bleak global service sector PMIs and eurozone political complications raised concerns

Morningstar.co.uk Editors 5 September, 2011 | 6:22PM
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Disappointing service sector surveys and signs of political instability in Germany lead London-listed equities to fall sharply today. With U.S. markets closed for Labour Day, EU investors focused on economic and political insecurities in Europe and Asia and favoured safe haves such as bonds, gold and Swiss francs over risky assets.

Tracing decline in the Asian markets, the FTSE 100 index slumped 3.6% or 189 points to 5,103. The FTSE 250 lost 2.9% or 297 points to 10,084.

The August Purchasing Managers’ Indices for the services sector in China, the eurozone and U.K. was released on Monday and data for the U.K. and China disappointed.

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