Fund managers' favourite GKN hit by profit warning

GKN, the UK-listed global engineering giant which features heavily in leading fund managers' portfolios, topped the list of losers on the FTSE 100 this morning after issuing a profit warning.

In its latest update to the market, the group said the weakening global environment is starting to feed through to its order books, and it warned it expects to see some impact on profits. "Macroeconomic conditions have deteriorated in recent weeks and some softening in order books is now evident, particularly regarding European automotive and industrial markets," the group said. "Other automotive markets and the civil aerospace market are expected to remain solid. The fourth quarter is anticipated to show the usual seasonal improvement, although the softening markets are expected to h...