Reuters: Hot Stocks: Fed uncertainty knocks FTSE, Aberdeen erases gains

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Fed uncertainty knocks FTSE, Aberdeen erases gains Sep 23rd 2013, 15:23 Mon Sep 23, 2013 11:50am EDT * FTSE 100 down 0.6 percent, banks lead market lower * Aberdeen Asset Management inches higher after update * Croda boosted by Credit Suisse upgrade (Updates prices) By Tricia Wright LONDON, Sept 23 (Reuters) - Britain's top share index fell on Monday, led down by banks on uncertainty over the timing for an expected scaling back of U.S. Federal Reserve monetary stimulus. Aberdeen Asset Management, among the top risers earlier on Monday after saying it expected to meet profit forecasts, pared back its gains to trade up 0.3 percent. Traders noted its exposure to emerging markets which are sensitive to the direction of monetary policy in the world's largest economy, though highlighted that it looks cheap against its peers. Aberdeen trades on a 12-month forward Smartestimate price earnings ratio of 11.7 times, compared with Schroders on 17.6 times, according to Thomson Reuters Starmine data. The FTSE 100 closed down 39.06 points, or 0.6 percent, at 6,557.37 points as Fed officials took to the speakers' circuit, while the UK banking index shed 1.2 percent. "You've got to lock in your profits," said Nick Xanders, strategist at BTIG. "The communication (from the Fed)... while they're trying to be clear, it's actually becoming very muddled." The UK benchmark extended a fall from Friday, when St. Louis Federal Reserve Bank President James Bullard said it was possible the U.S. central bank would start cutting its $85 billion a month of bond purchase in October. Some British shares reacted to analyst comments, with chemicals maker Croda International up 1.8 percent, leading the gainers after Credit Suisse raised its stance on the stock to "outperform" from "neutral". National Grid fell 1.5 percent after UBS cut its recommendation for the utility to "neutral" from "buy" on valuation grounds. (Reporting by Tricia Wright; Editing by Ruth Pitchford, Ron Askew) Link this Share this Digg this Email Reprints

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