Good News from US and Europe, but FTSE Lower

Markets got the news they were waiting for today as Germany approved the EU bailout fund.

Morningstar.co.uk Editors 29 September, 2011 | 5:55PM
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As it was, it turned out to be rather less finely balanced than originally thought, with German Chancellor Angela Merkel scoring a decisive victory. The German parliament voted to extend the bail-out facility by a factor of around 3.5:1. Better than expected German employment data was also welcomed by European markets.

Markets also cheered better-than-expected US growth figures. GDP growth for the second quarter was revised up 0.3% to 1.3%. Jobless figures also fell back to below 400,000, suggesting the US economy is creating jobs.

The Dax, CAC 40 and US markets were all up over 1% on the day. The notable laggard for the second day running was the FTSE 100, which fell 21 points to 5,197. The miners exerted the biggest drag on the FTSE 100, on news that Chinese property growth was starting to wobble.

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