European Indexes Finish Lower
London's FTSE 100 index closed in the red Thursday, Nov. 30, as Wall Street traded lower, hit by a weaker-than-expected reading of the Chicago PMI, the lowest level in three and a half years. The £ climbed to a 14-year high vs the weak US$ at 1.9677, the highest since Britain abandoned the ERM in 1992. The Gfk UK consumer confidence falls in November. About 50% of the Footsie companies report in dollars. The falling dollar hit pharma stocks the worst - Shire (-2.11%) and Astra (-1.93%). Gold closed near US$650. Oil neared US$63 a barrel, close to a two-month high due to a surprise drawdown in US winter fuel stocks and amid signs of solid economic growth in the US.
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