The prospect of today's tapering announcement from the US Federal Reserve kept action in the FTSE 100 to a minimum in morning trading.
Chairman Ben Bernanke is expected to announce an estimated $10bn reduction in the purchase of treasuries and mortgage-backed securities at 8pm UK time. The index stood at 6,577 at midday, a modest rise of 0.12%, with Lloyds one of the largest risers, up 1.78% after the government began selling its 6% stake in the bank. Aberdeen was the worst-hit stock, down 4.5% after the asset manager was downgraded by Morgan Stanley this morning. Elsewhere, sterling hit close to an eight-month high of $1. 59 against the dollar, as minutes from the latest Bank of England Monetary Policy Committee ...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes