FTSE 100 watch: Footsie extends losses amid global growth concerns

WPP share price drops as Ford appoints US rival as lead creative agency

FTSE 100 watch: Footsie extends losses amid global growth concerns

The UK benchmark index has fallen into the red in today’s session, extending Monday’s losses, amid global growth concerns and Brexit worries. WPP (LON:WPP) has been one of the biggest FTSE 100 fallers after losing its role as Ford’s lead creative agency.

FTSE 100 extends losses

As of 12:49 BST, the Footsie had given up 44.25 points to stand 0.61 percent lower at 7,189.08. Sentiment has been subdued today following a downbeat lead in Asia where shares retreated earlier as the International Monetary Fund (IMF) trimmed its global growth forecasts for this year and next. Worries over Italy’s budget are also keeping investors on the sidelines.

Reuters meanwhile notes that analysts have been downgrading earnings estimates for the FTSE 100 as third-quarter results season approaches and Brexit negotiations drag on.

“Even if you did know the Brexit outcome it’s still not entirely clear what that means for the performance of UK equities,” said Mike Bell, global market strategist at JP Morgan Asset Management, as quoted by the newswire.

Individual blue-chip movers

In individual stock news, WPP has come under pressure after revealing that following a review, Ford Motor Company had appointed another agency as its lead creative agency, with the development marking a blow for the FTSE 100 group’s new chief executive. WPP’s share price 1.53 percent lower at 1,093.00p.

Shares in Aviva (LON:AV) have been little changed, following an initial rise, after the blue-chip insurer announced that its chief executive Mark Wilson was stepping down. The group’s shares are changing hands 0.28 percent lower at 463.92p.

The FTSE 100 was 0.61 percent down at 7,189.34 points as of 13:02 BST on Tuesday, 09 October 2018.

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