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FTSE retreat blamed on “profit taking”

The FTSE 100 has retreated, dropping nearly 100 points, as some commentators blame profit-taking for the drop off in the blue chip index.

The index has made for the 5,600 level, dropping by more than 1 per cent in trading today, having started trading above 5,700.

European markets have also slipped during today’s session, with the German Dax and French Cac 40 also showing declines.

At 14.20, the blue chip index was down 1.5 per cent to stand 5618.53, while the French Cac 40 and the German Dax were down 2 and 2.3 per cent respectively.

Kathleen Brooks, research director UK Europe, Middle East and Africa at Forex.com, says stocks have been weaker on a mixture of news throughout the day.

Brooks says the effect of MF Global on financial stocks, the ongoing European debt crisis and the strong rally during October could have led to profit taking.

She says: “We think that the markets may be in consolidation mode for the rest of the day, as we wait for the G20, European Central Bank meeting, Fed meeting and payrolls along with a raft of economic data that is being released later this week.”

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