Bearish Mood in the UK & Europe

WEDNESDAY MARKET UPDATE: The benchmark FTSE 100 index took a 1.1% dive, with mining companies digging deep into the red 

Alanna Petroff 14 November, 2012 | 6:36PM Rouhan Sharma

A bearish, downbeat mood pervaded the markets on Wednesday, causing major UK and European indices to stage significant declines. Market observers were quick to blame the sour market mood on worries over the eurozone, widespread anti-austerity strikes and the US fiscal cliff.

Meanwhile, the Bank of England's cut to its growth forecast for the UK economy did not help matters.

"Equities were already in negative territory before Sir Mervyn King spoke today, and after he cut the Bank of England's UK growth forecast for next year to 1%, they continued on their downhill journey," explained David Madden, a market analyst at IG.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
EVRAZ PLC299.10 GBX3.78
Randgold Resources Ltd  

About Author

Alanna Petroff

Alanna Petroff  is a financial journalist with Morningstar UK.

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