Business | Business News The FTSE 100 dipped on Wednesday as a sell-off in tech stocks knocked Wall Street and luxury firms also finished lower. Burberry was among London’s fallers after the luxury sector was weighed down by lower-than-expected sales at French powerhouse LVMH (Louis Vuitton Moet Hennessy). Elsewhere in the City , housebuilders were among some of the risers after firms including Barratt and Vistry climbed following reports the Government is planning to loosen “nutrient neutrality” rules that have been heavily criticised by the sector.
London’s top index finished 13.68 points, or 0.17%, lower to end the day at 8,153.
69. Elsewhere in Europe, the Cac 40 in France ended 1.12% lower and the Dax index was down 0.
92% at the close. Stateside, the tech-focused Nasdaq and S&P 500 indexes both sank in early trading after a poor reception to a number of key earnings updates, including from Tesla and Google parent firm Alphabet. Meanwhile, sterling was lifted by slightly higher business activity in the latest UK composite PMI data, pointing to a bounce after the General Election provided more certainty for firms.
The pound was up 0.13% at 1.292 US dollars and was up 0.
19% at 1.191 euros In company news, EasyJet made gains after the budget airline notched up a 16% increase in third-quarter profits and said it remains on track for a record summer performance. The carrier reported headline pre-tax profits of £236 million for the three months to June 30, up from £203.