Reuters: Hot Stocks: Britain's FTSE extends losses as Fed uncertainty dominates

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Britain's FTSE extends losses as Fed uncertainty dominates Jun 13th 2013, 08:12 Thu Jun 13, 2013 4:12am EDT * FTSE 100 down 1.0 percent * Technical analysts would buy on dips * RBS leads market lower after CEO Hester goes By Tricia Wright LONDON, June 13 (Reuters) - Britain's top shares fell for the fourth day running on Thursday, driven lower by persistent concerns about the durability of stimulus measures from the U.S. Federal Reserve. At 0748 GMT, the FTSE 100 was off 62.65 points, or 1.0 percent, at 6,236.80, having dropped 0.6 percent on Wednesday. Royal Bank of Scotland led the market lower with a 5.3 percent drop in brisk trade after the surprise exit of Chief Executive Stephen Hester which investors said was a big loss, noting that there was no obvious successor. Investors will focus on U.S. May retail sales data and the latest U.S. weekly jobless claims, both due at 1230 GMT, for clues as to the Fed's intentions regarding stimulus. Recent encouraging data from the United States has prompted fears that the Fed could soon scale down its bond buying programme, which helped the FTSE 100 to scale a 13-year high last month. While some investors used the uncertainty to lock in profits on an index that has risen nearly 6 percent this year, several 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, recommended buying the index below 6,216 - a level breached earlier in the session. "I should think the market should stop at 6,080," she said, adding the index could then rebound to 6,500 points. Interactive Investors' head of derivatives Mike McCudden reckoned that it would take a move below 6,200, 0.6 percent from current levels, to "inject a real (sense) of panic". RBS shares had traded 81 percent of their 90-day daily average after just under an hour's trade, against the FTSE 100 on 16 percent. (Reporting by Tricia Wright, additional reporting by Atul Prakash; Editing by John Stonestreet) Link this Share this Digg this Email Reprints

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