Market update: UK retail sales up 0.7% year-on-year in September – 08.10.2013

October 8, 2013
|In Global Round Ups
|By Jesmond Mizzi Financial Advisors

Source: Henderson Global Investors

 

Wall Street closed lower yesterday with both the Dow Jones and the S&P 500 down 0.9% as growth-focused sectors of financials and consumer cyclical stocks lost ground as the debt ceiling impasse continued to weigh on risk assets. US banks were among some of the losers, with Wells Fargo down 1.7%, JPMorgan Chase 1.6% lower, and Citigroup off 2%. A late sell-off drove the CBOE S&P 500 Volatility Index above the 19 level, and is now up almost 36% in the past six days.

European stocks are lower this morning with the FTSE 100 down 0.6% and the FTSE Eurofirst 300 off 0.4% despite data showing that UK retail sales were up 0.7% year-on-year in September. A lack of developments in budget talks or the raising of the debt ceiling in the US continued to weigh on investor sentiment. In stock news, shares in Banca Monte dei Paschi di Siena rose 6% after the Italian bank revealed a restructuring plan that could see it fully repay state loans by 2017.