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FTSE Set for Largest Weekly Loss in Three Years

FTSE stocks continued their sell-off into Thursday and looks all set for its largest weekly loss in three years. Britain’s top 100 publicly listed companies on FTSE lost 3.2% of their value on Wednesday and saw another 0.6% decline on Thursday as well.

Reigning Brexit uncertainties, concerns of a potential slowdown in the global economy and weak economic data coming out not just from the UK and the Eurozone, but the US as well, have been keeping global stock markets under pressure lately. The FTSE 100 has declined by around 4.7% so far this week over increasing concerns of a recession in the US economy.

A weak US economy has a significant impact on the British index as around 70% of FTSE 100 companies book their profits in dollars. Any weakness in the dollar then reduces their profits and brings down their value. At the time of writing, FTSE is trading at around 7128.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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