US inflation fears hit market

THE ISEQ Index closed in negative territory yesterday as fears that strong US inflation figures on Friday may discourage the Federal Reserve from cutting US interest rates.

The Irish market slumped 189.76 to 6,902.86.

The financials lost much of their recent gains with AIB down 55c to €15.134, Bank of Ireland lost 32c to finish at €10.01, Anglo Irish dipped 22c to €10.72 while Irish Life & Permanent lost 24c to €12.13.