FTSE Bounces Back But ASOS Disappoints
The FTSE 100 recovered from a three day slide, opening better than expected, but ASOS disappointed investors. The UK’s leading index opened up by 36 points. Analysts had expected to see a strong start but the extent of the recovery was still a source of surprise.
The overall mood in the markets overnight was less than positive. Asian and American markets were subdued in anticipation of the forthcoming American-Chinese talks, and the US Federal Reserve’s minutes and non-farm payrolls are also cautiously anticipated.
The best performer early on was Rolls Royce, while the latest update from ASOS disappointed investors, causing a six percent fall in their share price. In the small-caps, Adept Telecom gained 13 percent, after a trading update revealed that the company was likely to beat City profits and debt guidance.
Apple has made headlines again after it was noticed that in the months leading up to them cutting ties with the chip designer, they ran a hiring raid on the company. Imagination is reportedly considering legal action, and the loss of Apple - a key customer - puts the future of the company in doubt. Investors are considering a potential break up for the company.
The city watchdog is putting more pressure on banks and credit card companies, and a crackdown on card debts could result in interest being paused for struggling borrowers, to help them clear their balances if they are struggling on a standard repayment plan. The FCA’s proposals have had a mixed reception.
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