Around the World's Markets

LONDON

LEADING SHARES fell sharply, hit by surprisingly strong US data and disappointing results from two of the market's biggest companies. The FTSE 100 closed down 179.7 points or 2.9 per cent at 6,117.5 - a four- month closing low. The blue chip index was knocked from the outset as Glaxo Wellcome said it would miss its double-digit sales and earnings growth targets, and BT reported higher than expected costs. But the slide gathered pace amid fresh fears of a US rate rise.

Market Report, page 19

NEW YORK

STOCKS TUMBLED as Wall Street ignored strong earnings from several major companies and focused on a higher than anticipated employment cost index, a leading inflation gauge. By midday, the Dow Jones was off 162 points, or 1.49 per cent, at 10,808, having at one point fallen 200 points. The employment cost index rose 1.1 per cent in the second quarter against a forecast of 0.8 per cent. GDP rose at a slower than expected 2.3 per cent.

TOKYO

THE JAPANESE stock market rose on the back of a surge in hi-tech stocks and strong industrial output data. The benchmark Nikkei-225 index ended up 290.01 or 1.65 per cent at 17,869.92, having at one point being 2 per cent ahead. Industrial production rose 3 per cent in June against a forecast of 1.7 per cent. "The June figure was stronger than expected," said one trader. The hi-tech sector surged after Morgan Stanley upgraded its investment rating on Sony and Fujitsu to "strong buy".

MOSCOW

HARSH CRITICISM by the International Monetary Fund and growing concern about the rouble's stability knocked sent Russian stocks plunging. The benchmark RTS1-Interfax index finished down sharply, shedding 7.37 per cent to close at 114.54. IMF said that it "had been lied to" by the authorities over how an earlier $4.8bn payment had been used. Said one trader: "I think a lot of investors decided to take profits now while they still have the chance."

FRANKFURT

WEAKER THAN EXPECTED results from three of Germany's biggest blue chips sent the stock market tumbling. The Dax index plunged 3.39 per cent to 5,052, with the misery compounded by rate fears on sharper than expected United States wage costs. DaimlerChrysler, Commerzbank and Deutsche Telekom fell 5.6 per cent, 1.9 per cent and 1.6 per cent respectively on profits figures. Technical analysts clashed over whether the index would fall as low as 5,000 or 4,600 points.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Tax Manager / Accountant

£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...

Ashdown Group: Contracts Executive - City of London

£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...

Recruitment Genius: Call Centre Debt Collector - Multiple Roles

£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...

Day In a Page

Turkey-Kurdish conflict: Obama's deal with Ankara is a betrayal of Syrian Kurds and may not even weaken Isis

US betrayal of old ally brings limited reward

Since the accord, the Turks have only waged war on Kurds while no US bomber has used Incirlik airbase, says Patrick Cockburn
VIPs gather for opening of second Suez Canal - but doubts linger over security

'A gift from Egypt to the rest of the world'

VIPs gather for opening of second Suez Canal - but is it really needed?
Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Fashion editor, Alexander Fury, applauds a man who clearly has more important things on his mind
The male menopause and intimations of mortality

Aches, pains and an inkling of mortality

So the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
Man Booker Prize 2015: Anna Smaill - How can I possibly be on the list with these writers I have idolised?

'How can I possibly be on the list with these writers I have idolised?'

Man Booker Prize nominee Anna Smaill on the rise of Kiwi lit
Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems

Bettany Hughes interview

The historian on how Socrates would have solved Greece's problems
Art of the state: Pyongyang propaganda posters to be exhibited in China

Art of the state

Pyongyang propaganda posters to be exhibited in China
Mildreds and Vanilla Black have given vegetarian food a makeover in new cookbooks

Vegetarian food gets a makeover

Long-time vegetarian Holly Williams tries to recreate some of the inventive recipes in Mildreds and Vanilla Black's new cookbooks
The haunting of Shirley Jackson: Was the gothic author's life really as bleak as her fiction?

The haunting of Shirley Jackson

Was the gothic author's life really as bleak as her fiction?
Bill Granger recipes: Heading off on holiday? Try out our chef's seaside-inspired dishes...

Bill Granger's seaside-inspired recipes

These dishes are so easy to make, our chef is almost embarrassed to call them recipes
Ashes 2015: Tourists are limp, leaderless and distinctly UnAustralian

Tourists are limp, leaderless and distinctly UnAustralian

A woefully out-of-form Michael Clarke embodies his team's fragile Ashes campaign, says Michael Calvin
Blairites be warned, this could be the moment Labour turns into Syriza

Andrew Grice: Inside Westminster

Blairites be warned, this could be the moment Labour turns into Syriza
HMS Victory: The mystery of Britain's worst naval disaster is finally solved - 271 years later

The mystery of Britain's worst naval disaster is finally solved - 271 years later

Exclusive: David Keys reveals the research that finally explains why HMS Victory went down with the loss of 1,100 lives
Survivors of the Nagasaki atomic bomb attack: Japan must not abandon its post-war pacifism

'I saw people so injured you couldn't tell if they were dead or alive'

Nagasaki survivors on why Japan must not abandon its post-war pacifism
Jon Stewart: The voice of Democrats who felt Obama had failed to deliver on his 'Yes We Can' slogan, and the voter he tried hardest to keep onside

The voter Obama tried hardest to keep onside

Outgoing The Daily Show host, Jon Stewart, became the voice of Democrats who felt the President had failed to deliver on his ‘Yes We Can’ slogan. Tim Walker charts the ups and downs of their 10-year relationship on screen