Reuters: Hot Stocks: Britain's FTSE falls sharply on Fed uncertainty

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Britain's FTSE falls sharply on Fed uncertainty Jun 13th 2013, 07:15 LONDON, June 13 | Thu Jun 13, 2013 3:15am EDT LONDON, June 13 (Reuters) - Britain's top shares fell sharply on Thursday on persistent concerns over the longevity of stimulus measures from the U.S. Federal Reserve, though some technical analysts saw any weakness as a buying opportunity. At 0708 GMT, the FTSE 100 shed 87.51 points, or 1.4 percent, to 6,211.94, down for a fourth straight session, having dropped 0.6 percent on Wednesday. Investors will focus on U.S. May retail sales data and the latest U.S. weekly jobless claims, both due at 1230 GMT, for any clues as to the Fed's intentions regarding stimulus. Recent encouraging economic data from the United States has prompted fears that the Fed could soon scale down its bond buying programme, which had helped the index to scale a 13-year high last month. But some technical analysts said the index, which has fallen around 9 percent since its recent peak, might bounce back. Valerie Gastaldy, head of technical analysis firm Day By Day, said she would be a buyer at these levels, with the index having just breached a support at 6,216. "I should think the market should stop at 6,080," she said, adding the index could then rebound to 6,500 points. (Reporting by Tricia Wright; editing by Atul Prakash) Link this Share this Digg this Email Reprints

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