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Market overview: US jobless claims unchanged, IAG flying low
1442: The Footsie is trading 62 points lower at 5,344 after a poor start on Wall Street. US initial weekly jobless claims were unchanged last week at 370,000, in line with consensus estimates, after the previous week's reading was revised up by 2,000. The little-changed reading is positive though, as steady figures below 400,000 generally indicate an improving labour market. In London, just ten stocks are in positive territory, with ICAP leading the way after a UBS upgrade (from sell to neutral). IAG is down 5%, leading the fallers, as major shareholder Bankia (the troubled Spanish lender which owns a 12.05 per cent interest in the airline) is taking a battering on the IBEX. Although denied by the bank, there were rumours that customers have withdrawn more than one billion euros from deposits since it was part-nationalise last week.

French Connection suffers bad start to the year
Upmarket fashion brand French Connection presented an underwhelming performance in the first quarter after group revenue dropped 9.5 per cent below the level achieved in the same period last year, hit by disappointing sales volumes in the UK/Europe division.


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Japanese GDP grows 1% in first quarter
Analysts warn that pace of expansion will soon ease as temporary boosts to consumption and investment from reconstruction and car-buying subsidies fade

Big banks need extra $566bn, says Fitch
Rating agency suggests 29 ‘global systemically important financial institutions’ face hurdles if they are to meet the tougher Basel III standards

Stocks relapse on chronic eurozone fears
Concerns about a Greek exit from the euro left many benchmarks at multi-month troughs, with the FTSE All-World index at its lowest since mid-January


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Euro moves lower as investors remain wary
Single currency dips against the dollar as markets await developments in Greece, while sterling weakens further after the BoE hints at further easing

Euro starts to crack as investors eye exit
Analysts believe that investor behaviour suggests that the buttresses that have supported the currency in recent months are weakening

Rupee hits record low on India worries
Sell-off comes despite repeated attempts by the country’s central bank to support the currency this week, as investors retreat from emerging markets


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FTSE 100 banks stay under pressure
Sentiment suffers after European Central Bank’s plan to bar four Greek banks from liquidity access and €1bn withdrawals by Bankia customers

Stocks relapse on chronic eurozone fears
Concerns of a Greek exit from the euro left many benchmarks at multi-month troughs

Bankia hit by report of withdrawals
Part-nationalised lender’s shares placed ‘under auction’ by regulator after it loses more than a quarter of its market value in Madrid


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