FTSE remains down

Britain's top shares slid for a second day as worries over weak economic data drove investors from risky assets ahead of Friday's US non-farm payroll numbers. The FTSE 100 closed down 80.69 points, or 1.4 percent, at 5,847.92, with volume 93 percent of its 90-day average.
The index fell 1 percent in the previous session when a weak US ADP Employer services report and US manufacturing data raised doubts about the pace of economic recovery. US non-farm payrolls will provide more clues about prospects for economic growth. "We are in risk-off mode following on from yesterday's losses. The US ADP report and US manufacturing data is still having an impact on today's market," said Joshua Raymond, market strategist at City Index. "Investors are removing positions just in case US non-farm payrolls are disappointing."
Risk-sensitive mining and energy stocks fell, adding to their decline from the previous session, and took most points off the index. "The data over the last few days has been shockingly bad. A lot of people are now wondering whether there is any sort of recovery going on, which has put the mockers on equities," said David Morrison, market strategist at GFT Global.
Banks also dragged on the index after a warning from Moody's Investors Service it may downgrade debt ratings on Bank of America Corp, Citigroup Inc and Wells Fargo & Co Retail stocks also featured on the downside. Kingfisher, Europe's biggest home improvements retailer which hit a six-year high on Tuesday, fell 1 percent after it said the second quarter would probably be more challenging. Analysts suggested investors should take profits.
Technical analysts painted a more positive picture. Phil Roberts, chief European technical strategist at Barclays Capital, said he was not concerned about the FTSE 100 unless it fell below its 200-day moving average of 5,804 points. He said yields on the FTSE 100 should help support the market and keep it within the 250-point trading range it has occupied since mid-April. On the upside, Serco rose 4.4 percent after Credit Suisse upgraded its target price for the outsourcing group to 720 pence from 670 pence and increased its EPS estimates following its recent acquisition of Intelenet.