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What is an investment trust and why would you want to put your savings into one? Do the crises in Argentina and Turkey spell danger for emerging markets as the strong dollar stings? Spend your way onto the property ladder! The FTSE 100 closed down 46. 43, as traders around the world digested stronger than expected US jobs numbers that could prompt more interest rate hikes. German and French markets finished in the red, and the US Dow Jones was down 341.
Fresh data showed Britain’s construction sector came close to stagnation last month, sliding to a four-month low as housebuilders endured a tough start to the year. 2 in January, down from 52. 2 in December, with economists predicting a figure of 52. A reading above 50 indicates growth and one below contraction. Vodafone was one of the biggest risers on the FTSE 100, up 2.
The telecoms company confirmed on Friday that it is in early stage discussions regarding the acquisition of just some of Liberty Global’s European assets. BT shares tumbled more than 2 per cent or 5. 35p as the company revealed a drop in third-quarter revenues and earnings, which it blamed on increased investment in mobile devices and customer experience, along with higher business rates charged on its network assets as well as pension costs. It also detailed the loss of 5,000 pay TV customers over the period. However, investors were encouraged by the company signalling that rising income from new products would boost figures in 2018. 5p to 1,854p, Smurfit Kappa up 38p to 2,570p.
The biggest fallers were Glencore down 17. 5p, Johnson Matthey down 98p to 3,336p, International Consolidated Airlines Group down 17. Joshua Mahony, market analyst at IG, said the positive surprise in today’s US jobs data had done little to help stocks and led to further weakness in Treasury prices – the cost of buying US government bonds. Federal Reserve to continue tightening are edging up. The more attractive yield on US governments bonds is prompting traders to cash in their equity positions and hold bonds. The company lost over half its value this week on the back of the announcement.