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26 Oct 2018 | 11:59

Market turbulence continues after US tech giants fall short

Stocks were on the back foot again after Amazon and Google's parent company Alphabet served up disappointing third quarter updates after the market closed on Wall Street Thursday night.

By midday the FTSE 100 was down 1.48% to 6,900.56 and US futures are indicating a drop upwards of 150 points when the Dow Jones Industrial Average resumes trading this afternoon.


State-owned lender Royal Bank of Scotland slumped 4.5% to 224p, 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 2.5% to 602.4p 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 was steady at 26.45p despite downgraded annual profit guidance. The company had already warned on profit last week blaming new global vehicle testing standards for disrupting supplies and hurting revenue.

Glencore shed 1.9% to 297.25p after the miner and commodities trader cut its oil production guidance due to an unplanned outage in Chad.

Chemicals manufacturer Croda International fell 2.3% to £46.25 on news it would scrap pesticide group Plant Impact's agricultural sales team in Brazil, despite having recently acquired the business.


Meat retailer Crawshaw slumped 17.7% to 1.98p after confirmed media reports that it was mulling an equity raising.

Education-focused virtual reality company VR Education slumped 17.6% to 9.48p 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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