The United Kingdom specifically Britain which tops shares for the week fell to an embarrassingly low on sharp trend yesterday which in turn wiped out their supposed gains for the start of the week on an escalating alarm that Greece’s upsetting economic downturn which many are speculating of the highly in-debt country to soon leave the eurozone. The FTSE 100 slithered down a 2.5 per cent to 5,266.41 with its largest single day percentage plummet ever since the 21st of November last year along with its lowest closing in the 25th of the same month respectively with strife from overwhelmed markets resulting from the eurozone debt crisis.
According to Richard Jeffrey, the chief investment officer of Cazevove Capital Management, the fundamental conditions faced in the dire crisis at present are of no disparities than they were two days ago or two months ago. The only thing that is certain in Europe’s economic plight is the longer this crisis continuously affect the eurozone the more debilitating the effects will be in the long run if measures are not instituted to buffer the imbalance. What worries him further is the fact that most of the markets don’t even have a clear defined contingency plans on how to combat the overwhelming situation in the eurozone.
among the previous sessions strongest players were miners wherein the largest drag in the FTSE 100 was seen as copper drop to a four and a half month low with many traders looking edgy that an impending breakdown to combat the ever growing euro crisis will eventually hit the global demand and supply for industrial metals. On the other hand, Vedanta was by far the biggest loser, by failing over 9.1 per cent followed closely by Kazakhyms with a 7.9 per cent drop and finally Polymetal which slid to 5.4 per cent. In addition, Man Group also went down 5.8 per cent soon after ratings agency Moody’s went over its downgrade warning.
BSkyB was one of only three fairly top grosser, with gains rising to 0.4 per cent. The UK Competition Commission revealed the entrance of Netflix and Lovefilm in the UK has made certain weak repercussions of the grip of satellite broadcasting in the pay-per-view market. Finally Burberry Group picked up the pieces of their previous losses to end down 1.2 per cent soon after the luxury brand made a 26 per cent increase in income.