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Wall Street lower as FTSE 100 closes in red amid annual Davos meeting

FTSE  A man takes a selfie in front of the logo of the World Economic Forum (WEF) 2023 at Davos Congress Centre in the Alpine resort of Davos, Switzerland, January 15, 2023. REUTERS/Arnd Wiegmann
The World Economic Forum in Switzerland is a key focus for the FTSE and European markets this week. Photo: Arnd Wiegmann/Reuters

The FTSE 100 and European stocks finished mixed on Tuesday with traders in a pessimistic mood as the World Economic Forum annual meeting kicked off in Davos.

The FTSE 100 (^FTSE) slipped 0.23% to 7,842 points, while the CAC 40 (^FCHI) in Paris gained 0.30% to 7,064 points. In Germany, the DAX (^GDAXI) advanced 0.25% to 15,172.

The UK's blue-chip index struggled as data showing rising wages brought pressure on the Bank of England to raise interest interest rates more aggressively.

Ocado Group (OCDO.L) plunged 9.85% after an update from its retail joint venture with Marks and Spencer (MKS.L).

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The online supermarket said sales were up by 15% over the five days before Christmas. However, Ocado said that the average value of people's orders over the last three months of last year was £117 ($142.95), a drop of 1.3% compared to the same period last year.

Global stocks are also under pressure as fears of a global downturn, the cost of living crisis and the Ukraine war all loom over the Davos meeting.

Wall Street's main indices were lower after Goldman Sachs (GS) missed quarterly profit estimates, worsening sentiment already dented by downbeat economic data from China earlier in the day.

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The Dow Jones (^DJI) lost 1.13% to 33,916 points. The S&P 500 (^GSPC) retreated 0.29% to 3,987 points and the tech-heavy NASDAQ (^IXIC) lost 0.28% to 11,048.

Meanwhile, Brent crude (BZ=F) edged higher and was trading at around $85 per barrel.

In Asia, Tokyo’s Nikkei 225 (^N225) closed higher, gaining 1.23% to 26,138 points, while the Hang Seng (^HSI) in Hong Kong slipped 0.93% to 21,543. The Shanghai Composite (000001.SS) lost 0.10% to 3,224 points.

Watch: January effect causing stocks to march higher in first weeks of 2023: Al Root