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Greece is the word as investors avoid risk

Fri close: London stocks wilted in the heat of the Greek crisis, a slowdown in China and a new potential scandal involving the Brazilian currency. The FTSE100 suffered its biggest weekly drop in a month broadly in line with Europe.

The FTSE100 closed 0.7% or 44.69 pts lower at 6,585.78 pts and hardly moved on data showing Britain’s services sector grew more than expected last month.

The index has fallen more than 2% so far this week, marking its worst weekly percentage fall since early June on concerns about the debt crisis in Greece which goes to the polls on Sunday for referendum on the bail-out conditions.

Barclays, HSBC, Royal Bank of Scotland and Standard Chartered were among those under investigation on suspicions they worked together to manipulate the exchange rate of the real, deterring competitors from the market between 2007 and 2013.

RBS, which also learned it may face an £8bn bill to settle claims in the US, fell 1.9%.

BT edged lower after Ofcom said that it has fined the telecom group’s takeover target EE £1m for failing to comply with its rules on handling customer complaints.

There was further selling of Chinese stocks in a rout has wiped trillions of dollars off Shanghai- and Shenzhen-listed shares.

 

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