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26 Oct 2018 | 08:55

UK stocks sink 1.2% as corporate earnings disappoint

UK stocks opened sharply lower on Friday after disappointing results from Amazon and Google-owner Alphabet added a new twist to a volatile week for global markets.

At 0851, the benchmark FTSE 100 index was down 84.45 points, or 1.2%, at 6.919.65.

On the home front, Royal Bank of Scotland slumped 4.9%, despite posting a rise in third-quarter profit, as investors focused on a contraction in its margins owing to mortgage competition and £160m of fresh impairment charges.

IAG rose 1.9% after the British Airways owner eked out a small rise in third-quarter operating profit, as higher passenger volumes helped offset rising fuel costs.

Auto retailer Pendragon slipped 2.5%, as it downgraded its annual profit guidance, blaming new global vehicle testing standards for disrupting supplies and hurting revenue.

Glencore shed 2.4% after the miner and commodities trader cut its oil production guidance due to an unplanned outage in Chad.

Property investor Segro said it had exited the Belgium market via the €83.4m sale of four warehouse assets to an undisclosed buyer. Its shares fell 0.5%.

Chemicals manufacturer Croda International fell 1.8% on news it would scrap pesticide group Plant Impact's agricultural sales team in Brazil, despite having recently acquired the business.

Education-focused virtual reality company VR Education slumped 30% after it said its annual revenue would be significantly below expectations owing to a delay launching a key product on PlayStation.

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