Market overview: Global wave of selling drives Footsie lower

LONDON (ShareCast) - 1630:Close BP led gains in a falling market as investors took fright at the somewhat unexplained downdraft in equity markets worldwide. A technical glitch at a key global data provider - that forced the Treasury to postpone today's bill auctions - together with large losses in Chinese futures and jitters over the Greek situation were all put forth as possible contributors to Friday's losses. FTSE 100 down 65,82 to 6,994.53. 1506: US consumer sentiment improved in April, according to the University of Michigan gauge released Friday. The index rose to 95.9, up from 93 in March 1330: The US consumer price index (CPI (Other OTC: CPICQ - news) ) slipped by 0.1% year-on-year in March, dragged down by lower electricity and gas prices. When compared with February the CPI rose by 0.2%. Economists had been calling for increases of 0.3% month-on-month and 0.1% year-on-year. 1209: Stocks have dropped sharply into the red amid a blackout on Bloomberg computer terminals and new regulations in China on short-selling. Bloomberg's trading and information units are heavily relied upon by roughly 320,000 people around the world and were thought to be affecting trading volumes. Meanwhile, China on Friday allowed fund managers to lend stocks for short-selling to boost the supply of shares, sending futures of H shares in Hong Kong tumbling nearly 6%. The FTSE 100 is down 0.9% at 6,998.12, registering nearly triple-digit falls after hitting a high of 7,093.52 earlier on.

1000: Eurozone consumer prices fell 0.1% year-on-year in March, easing from a 0.3% drop a month earlier, Eurostat confirmed. 0930: The UK unemployment rate fell to 5.6% in the three months to February from 5.7% previously, as expected by the market.

0917: The FTSE 100 is up 0.22% at 7,076.03, with utility stocks leading the rise, as the index nears Wednesday's record closing high of 7,096.78. "As the election rumbles on, the UK's economic releases today will be heavily scrutinised," said Spreadex analyst Connor Campbell. UK average weekly earnings, jobless claims and the unemployment rate all due for release this morning. The latter, in particular, is forecast to fall from 5.7% to 5.6% in the three months ended February.