Afternoon markets watch: miners and rate cut hint fail to rally FTSE

The FTSE has fallen around 60 points today, with poor financials blunting the impact of strong minin...

The FTSE has fallen around 60 points today, with poor financials blunting the impact of strong mining stocks and a hint of interest rate cuts on the BoE’s quarterly inflation report. Banks remain worried over potential for further writedowns, mirroring similar falls in major US financials. Meanwhile, the pound fell to a near-two year low against the dollar after the Bank cut growth forecasts for next year. Governor Mervyn King said the central projection is for output to be broadly flat over the next year, so that four-quarter growth slows sharply in the near term. The currency fell...