UK stocks have hit a 2 month low

UK and European stocks got battered this week, suffering their heaviest losses for 13 weeks as of Friday.

At the current level, the FTSE 100 dropped 2.5% from last week while the Eurofirst 300 is down 3.3% in the same period.

Big losers on the FTSE today included Holiday Inn owner InterContinental Hotels Group, whose share price dropped to a two-month low of £26.63 ($38.61) after lower than expected quarterly results.

Even worse is satellite company Inmarsat, which dropped over 5% on Friday morning on the news that British Airways-owner International Airline Group opted to use rivals GoGo for its onboard wi-fi systems.

The FTSE 100 fell 0.84% on Friday as of 11:55 AM GMT, down to 6,066.00:

On the European front, banks including UBS, Commerzbank and Aberdeen Asset Management had a really bad week, with stock prices of European banks overall falling 6.7% according to the Financial Times.

In the US, a jobs report is due, with analysts also waiting for any sign that the Federal Reserve will raise interest rates in June.

Joshua Mahony, of IG, told The Telegraph that the US jobs report would be on the mind of every trader today, and that volatility was inevitable.

“ADP [the employment data] weakness earlier in the week points towards possible disappointment, which if true would knock the chance of a June rate hike. However, with strong economic data elsewhere this week, a strong jobs report would negate the ADP figure and makes June a distinct possibility for a second Fed hike.”

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