The FTSE 100 is projected to extend yesterday’s losses with financial bookmakers projecting a 0.4% decline in early trade. The UK’s blue chip index tumbled 2.45% yesterday after governor of the bank of England Mervyn King said that the recovery was going to be “choppy,” while the bank cut its growth forecasts for the UK economy. Engineering firm Smiths Group (LON:SMIN) was the sole FTSE 100 constituent to gain more than 1%, advancing 4.5%. Part-nationalized bank Lloyds (LON:LLOY) was the heaviest faller among the blue chips with a 6.7% loss. Tour operator TUI Travel (LON:TT) and baking group Barclays (LON:BARC) declined 6%, as did copper miner Kazakhmys (LON:KAZ) and telecom group BT (LON:BT.A). Royal Bank of Scotland (LON:RBS) and base metal miner Vedanta Resources (LON:VED) dropped 5%. Satellite telecommunications group Inmarsat (LON:ISAT) and telecom company Cable & Wireless Worldwide (LON:CW) moved down 4.8%. US stocks declined. The Dow Jones Industrial Average slipped 2.5%, while the broader S&P 500 index tumbled 2.8% and the technology heavy NASDAQ composite plummeted 3%. Asian markets were in selling mode today. Hong Kong’s Hang Seng declined 1.45%, China’s Shanghai Composite Index slid 1.15%, South Korea’s KOSPI retreated 2.1%, Japan’s benchmark Nikkei 225 dropped 0.9% and Australia’s S&P/ASX 200 shed 1.2%. Commodities Oil prices retreated. September Brent Crude was just below US$77/barrel, while US light, sweet crude for September delivery moved down to US$77.55/barrel. Gold and silver held steady at US$1,198/oz and US$17.88/oz respectively, while platinum slid US$1,507/oz. Base metals were in decline. Copper and nickel slid to US$3.24/lb and US$9.61/lb and zinc dropped to US$0.90/lb. US initial and continuing jobless claims data is due out today.

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