Shares in the UK’s top 100 companies took a tumble by more than 1% in morning trading.Possible mining taxes, pessimistic views on the US economy, a fall in Chinese markets and the escalating problems in Iran all contributed to a poor financial day in the City.<\/p>\n
The benchmark index has been trading at six-year highs in recent days but fell more than 100 points at one stage, in line with most major global indices.<\/p>\n
Heavily-weighted miners led the Footsie lower, occupying the top seven slots on the blue-chip fallers’ board.<\/p>\n
Speculation that the South African government may introduce a “windfall tax” on the industry knocked the sector, with Xstrata among those stocks falling by more than 4%.<\/p>\n
Stocks stock another hit after America’s former Federal Reserve chief Alan Greenspan who warned that the world’s biggest economy may fall into recession by the end of 2007.<\/p>\n
The Dow Jones Industrial Average closed down after a strong start.<\/p>\n
Meanwhile, worries about UK businesses with strong US operations hit stocks, with banks set to feel the pressure.<\/p>\n
BAE Systems fell nearly 3%. Unsurprisingly given that BAE predicted the majority of its growth from its US operations.<\/p>\n","protected":false},"excerpt":{"rendered":"
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