FTSE closes 0.6 pct lower; banks, miners fall
* FTSE mirrors falls on Wall Street after U.S. GDP data
* Banks, commodity stocks fall
* Defensive beverage, utility firms gain ground
By Harpreet Bhal
LONDON, Nov 24 (Reuters) - Britain's leading share index ended 0.6 percent lower on Tuesday, with sentiment dampened by data showing the United States economy grew at a slower pace than previously thought, pressuring banks and commodity stocks.
The FTSE index .FTSE ended 31.54 points lower at 5,323.96, reversing earlier gains, to mirror falls on Wall Street after third quarter U.S. economic growth was revised down to 2.8 percent from 3.5 percent. [ID:nN23258482].
Banks were the biggest drag on the index, with heavyweight HSBC (HSBA.L: Quote, Profile, Research), part-nationalised Royal Bank of Scotland (RBS.L: Quote, Profile, Research), Standard Chartered (STAN.L: Quote, Profile, Research) and Barclays (BARC.L: Quote, Profile, Research) shedding 0.2 to 4 percent as investors shied away from risky positions.
"There has been some selling in financials after the GDP figures ... and people have been going into safe-haven stocks like utilities," said Sam Wright, equity trader at Spreadex. Continued...
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage
GLOBAL RECOVERY
Global economy in holding pattern - IMF
The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months. Full Article





India
US
UK









