16th October 2014
The healthcare sector dragged down the FTSE 100 in online investing yesterday, but the markets as a whole were already plumbing the depths on global cues.
It was the news that AbbVie was reconsidering its £32 billion takeover of Shire that did most of the damage, cutting the latter's share price by close to a quarter on Wednesday. The merger looks on the rocks as a result of new US tax rules which aim to crack down on firms moving abroad for more preferential tax rates – something that AbbVie planned on doing.
As a knock-on effect, AstraZeneca and Smith & Nephew also fell by over three per cent in online investing yesterday, but they were far from alone on the FTSE 100 or, indeed, the rest of the markets as concerns about global growth took hold.
The Cac 40, Dax and Wall Street were all down after American growth data was worse than expected. On top of that, falling inflation in the UK, China and India, and shrinking growth estimates from Germany and the IMF all took their toll.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.