M&A activity manages to shield FTSE 100 from worst of fallout from Ukraine as Russian markets take heaviest hit
- Strong suspicions Malaysian airlines was shot down by Russian rebels prompts fears of new confrontation with US
- FTSE 100 index this morning a further 37 points off at 6,701.3
- US and Asian markets all down overnight, while safe-haven gold jumps 1%
M&A activity managed to shield the FTSE100 from the worst of the fallout from Ukraine as the Russian markets took the heaviest hit.
Britain’s index of leading firms closed up only 11.13 points at 6,749.45, buoyed by an agreed bid by US giant AbbVie for pharmaceutical firm Shire.
Elsewhere, however, world markets were under pressure having fallen heavily on Thursday after a Malaysian airline appeared to have been shot out of the sky over Ukraine, killing all 298 passengers and crew on board.
European shares saw more selling and dollar-traded stocks in Moscow were down another 2.3 per cent taking their weekly losses to more than 8 per cent.
Asian markets were bumpy with most emerging Asian currencies falling and Japan’s Nikkei stock average tumbling 1 per cent.
The rouble recovered almost 0.5 per cent on Friday but was set for its biggest weekly loss in more than a year.
Defensive assets were still strong as traders flocked to gold and bonds.
However, gold dipped as buyers cashed in on some of a 1.5 per cent jump and the Japanese yen and US government bonds both gave some ground.
World leaders have demanded an international investigation into the tragedy in the Ukraine, which could mark a turning point in relations between Russia and the West.
Airline stocks rebounded as the immediate shock of the crisis wore off. British Airways-owner International Consolidated Airlines (down 0.8p to 329.9p) rose although Air France-KLM and Lufthansa fell.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini Cooper SE: The British icon gets an all-electric makeover
- Mail Online takes a tour of Gatwick's modern EV charging station
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Leapmotor T03 is set to become Britain's cheapest EV from 2025
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Watches of Switzerland defies luxury slowdown with...
- Barclays and HSBC cut mortgage rates: Is the tide turning?
- Drivers are being stung at the pumps by fuel retailers...
- Ambrosia owner Premier Foods profits boosted by...
- EasyJet boss to step down as airline reveals it raked in...
- BT Group ups dividend despite losing almost...
- Superdrug unveils plans to open 25 new stores this year -...
- Reality TV stars charged by City watchdog over...
- Time to wind back the tourist tax, says Watches of...
- Sage Group shares suffer 'hyperbolic' sell-off as group...
- United Utilities revenues near £1.9bn thanks to higher...
- Future shares jump after publisher declares £45m share...
- The future of the Royal Mail is not just a matter for the...
- Stock market chief insists there is a 'strong cause for...
- BUSINESS LIVE: BT to boost free cash flow; EasyJet CEO to...
- David Beckham teams up with Hugo Boss to design menswear...
- MARKET REPORT: Dow Jones tops 40,000 as investors bet on...
- Turbulence at Easyjet as boss stands down sending share...