Bad news from the US filtered through to the UK and sent markets into the red on Monday. Telecommunication stocks affected the FTSE 100, leaving it down by almost 0.5%. The TechMARK did not fare as well, closing down over 2%. Questionable accounting practices in the US, affecting earnings news was the dampener.
Tuesday saw another bad day in the US affect UK markets. Again it was worries over accounting practices and the rate of economic recovery. The FTSE 100 closed down almost 1.5% although greater losses were seen throughout the day. The TechMARK again outdid the FTSE 100, closing down over 2%.
Wednesday's losses made it a hat trick for both the FTSE 100 and the TechMARK. Worries over debts in the telecommunication sector and possible fraud at Allied Irish banks subsidiary Allfirst, sent stocks lower. The possible foreign exchange fraud could cost the company over $750 million. The FTSE 100 got it's own back and managed losses ahead of the TechMARK, albeit by a fraction of a percent.
Thursday saw a reversal of fortune for the FTSE 100, rising to close up over 1%. The TechMARK did not fare as well and made it four days of losses, dropping over 0.5%. The Bank of England left interest rates unchanged at 4% after the policy meeting but this was as expected. The same decision by the European Central Bank kept interest rates the same in Europe.
Friday saw UK markets close up slightly for the day. Investors were obviously boosted by stronger US markets but it wasn't enough to wipe out overall losses for the week in the blue chip and technology indices. Losses overall were around 1% for the FTSE 100 and over 5% for the FTSE TechMARK.