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FTSE 100 lower as debt ceiling worries linger

by LLB Editor
31st May 23 9:41 am

The FTSE 100 started Wednesday on the back foot. The deadline for an agreement on the US debt ceiling may have been pushed back from tomorrow to next Monday but with some hardliners in the Republican party coming out against the agreement its passage through Congress could be bumpy.

AJ Bell investment director Russ Mould said: “Weak Chinese data also contributed to a subdued market mood with Asian stocks a little sickly overnight.

“Losing a finance director on the grounds of misconduct is never likely to do much for market confidence and it’s therefore no surprise to see Prudential trading lower today.

“The insurer didn’t provide much, if any, detail on the nature of the behaviour which led to James Turner’s dismissal although an insistence there were no implications for the group’s financial performance or reporting was probably enough to prevent a bigger sell-off in the shares.

“An acknowledgement from Ladbrokes owner Entain that it could face a hefty fine after a four-year investigation into bribery allegations put it on the back foot. The case relates to a former subsidiary in Turkey and the company’s inability to reliably forecast the size of any fine at least feels ominous.”

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