FTSE CLOSE: Index slides into red as wave of job losses weighs on sentiment

The latest wave of job cuts at high-profile UK retailers weighed down on sentiment to keep the FTSE 100 in the red on a cautious trading day.

US stocks were similarly weak as traders became cautious in the face of ratcheting virus cases, while markets in mainland Europe opened strongly before sliding later in the session.

London’s top flight closed 106.54 points lower at 6,049.62p at the end of trading.

Connor Campbell, financial analyst at Spreadex, said: “It was a rare recent session where the direction of trading wasn’t somewhat uniform, with a mixed picture across the UK, Eurozone and US.

“For the FTSE, the negative start from the US, another wave of job cuts by high-profile retailers like Boots and John Lewis, and further gains from the pound left the index down.”

Walgreens Boots Alliance slid lower in the US after announcing plans to slash 4,000 jobs in its UK arm, as the downbeat picture among high street retailers pressed on sentiment.

The major European markets pushed higher on Thursday morning on the back of positive German production figures, before falling back to earth after the weak performance in the US.

The German Dax decreased by 0.04%, while the French Cac moved 0.62% lower.

Across the Atlantic, the Dow Jones slid as coronavirus cases in the US jumped while sentiment was also shaken by Donald Trump’s defeat at the hands of the Supreme Court, ruling that The Grand Jury should see his finances and tax returns.