In London, Thursday’s trading session is expected to begin on the back foot after Asian stocks failed to extend the rally.
Disappointing economic stats were weighing on sentiment, according to trading group OANDA, which also pointed out that it doesn’t take much to ‘knock’ the market’s fragile confidence.
Japan’s Nikkei, after rising more than 7% on Wednesday, the biggest single day move for seven years, perhaps understandably retraced some steps on Thursday.
The Tokyo benchmark lost around 600 points, 3.2%, to 18,167. Hong Kong’s Hang Seng was 450 points, 2.5%, lower at 21,185 while the Shanghai Composite dipped 0.6% to 3,222.
In Australia the ASX 200 gave up 100 points, 2%, to trade at 2,112.
India’s Sensex fell 300 points, 1.2%, to 25,400.
Across the Pacific, US markets had turned lower into Wednesday’s close having started the day fairly positively.
The Dow Jones lost around 240 points, 1.4%, to 16,253 while the S&P 500 and the Nasdaq similarly moved lower.
IG Markets, the spreadbetting and CFD firm, sees the FTSE 100 around 30 points lower and therefore calls the open between 6,189 and 6,104.
In the papers
BT (LON:BT.A) is accused of hiding failures in its broadband business, The Times reports, saying that regulator Ofcom is opening an investigation to see whether the telecoms firm has ‘fudged figures’ to avoid penalties relating to the installation of fibre-optic cable.
The Times also looks at Sports Direct’s (LON:SPD) controversial reappointment of chairman Mike Ashley amid opposition of major shareholders, and after nearly a third of the company’s independent shareholders voted against the retailer’s pay policy.
Glencore’s (LON:GLEN) major shareholders have signalled support for the group’s new dividend scrapping and debt reducing strategy, the Financial Times reports.
With an eye on funds, The Telegraph highlights the appointment of former Uber vice-president Lars Fjeldsoe-Nielsen at venture capital firm Balderton, backers of other online success stories such as Betfair and Wonga.
The Telegraph also highlights that private equity giant KKR had bought almost 25% of London equity focussed hedge fund Marshall Wace.