Apple losses in focus as US and European stock markets slide
How major markets are performing on Thursday
European markets and the FTSE were mixed on Thursday by the afternoon, as a gloomy mood took hold around the world.
The FTSE (^FTSE) was 0.2% higher, while Germany's DAX (^GDAXI) fell 0.2% and the CAC (^FCHI) in Paris was almost flat. Indices started the day in the red.
The moves in Europe came following data that shows the Eurozone's GDP grew at a slower rate than expected quarter-on-quarter. Revised numbers show a 0.1% bump for the second quarter versus an estimated 0.3%.
Meanwhile the pound (GBPUSD=X) tested its lowest levels in three months, heading towards the $1.24 mark.
Across the Atlantic, US markets were also on mixed footing, with the S&P 500 (^GSPC) down 0.5% by mid-morning, the Dow (^DJI) almost flat and the tech-heavy Nasdaq (^IXIC) selling off around 1%.
Apple was in the spotlight as one of the top fallers in the Nasdaq following a Wall Street Journal report that China had banned government officials from using the company's phones for work. This was part of a drive to improve cybersecurity and reduce foreign tech influence.
Apple's share price is around 24% lower than it was at this point three months ago, although it is still up more than 33% year-on-year.
Earlier in the day, there was further evidence of softness in the UK housing market, as fresh data showed further falls in house prices.
Prices in the UK fell by 4.6% on an annual basis in August, marking the biggest year-on-year decrease since 2009, new data from Halifax showed on Thursday.
Read more: UK house prices see biggest annual fall since 2009
However, Halifax said it was relative to the record-high property prices seen last summer.
On the month, prices dropped 1.9% compared to July with the average home now costing £279,569, down by around £5,000 – their steepest monthly decline since November 2022.
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A pound update... hint: it's down:
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Pound at lowest level since June as Bank of England signals 'top' for interest rates
Yahoo FinanceTraders are no longer convinced of a rate rise at the next meeting, which takes place later this month.
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FTSE 100: London Stock Exchange Group investors selling £2bn stake in secondary share offer
Yahoo FinanceLondon Stock Exchange Group investors including Thomson Reuters, the US private equity giant Blackstone, Canada's CPPIB and Singapore's GIC are all selling shares.
" delay="150" href="https://uk.finance.yahoo.com/news/ftse-100-london-stock-exchange-group-investors-selling-%C2%A32bn-stake-in-secondary-share-offer-092220814.html" rel="noopener noreferrer" target="_blank">https://uk.finance.yahoo.com/news/ftse-100-london-stock-exchange-group-investors-selling-%C2%A32bn-stake-in-secondary-share-offer-092220814.html
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Melrose Industries has been leading the FTSE this morning:
The aerospace supplier revealed its CEO and co-founder Simon Peckham will step down in March to be replaced by the company's COO Peter Dilnot.
It also announced a $500m (£401.7m) share buyback while it lifted full-year profit expectations as it reaped benefits from better margins in its engines division.
Shares reached their highest level since February 2020, rising as much as 8% in early trade.
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Ahead of the US open we have some fresh data that shows fewer people applied for jobless support last week.
There were 216,000 fresh initial claims for unemployment benefits. That was a drop of 13,000 on the previous week, and a low level in historic terms.
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A few stocks buoying the FTSE today:
Melrose up nearly 7.5%
M&G up 5.5%
Ocado up 3.5%
And the ones dragging it down:
Beazley down 5.5%
Anglo American down 2.4%
Rio Tinto down 2.2%
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Neil Wilson from Finalto has some rationale for the weak day in Asia:
China’s manufacturing sector remains under the cosh with exports down 8.8% year-on-year and imports falling by 7.3%. The soft data weighed on risk and also sent crude down overnight after futures (WTI- Oct) had just squeezed out a fresh high north of $88 yesterday evening, whilst Brent holds $90, about $1 off its earlier peak.
Watch: Tech stock reset 'mostly happened' already amid higher interest rates
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