Daily Banking News

FTSE falls deeper into the sea of red as China induced tsunami hits Asian markets

FTSE 100 hit more turbulence as China’s clampdown on tech firms continued to hit Asian markets. In London, the blue chip index shed 48 to 6,976.

Tesla profits surged ahead in its latest quarter despite shortages of semiconductor chips and distribution problems. Sales jumped to US$12bn with a record 200,000 cars delivered in spite of the issues while earnings doubled to US$1.02.

UK house prices are now 30% higher than the peak before the 2008 financial crisis said property website Zoopla. Average prices are now £230,700 or 5.4% higher than a year ago.

Reckitt PLC shares fell out of bed as the consumer healthcare company fell into the red and warned of rising costs. Net revenue in the first half of 2021 dipped to £6.60bn from £6.91bn.

Among the small caps, TomCo Energy Plc (LON:TOM) has received the final front-end engineering and design study for a proposed project in Utah. The plant will comprise an initial 5,000 barrels of oil per day train with potential to expand further.

Plant Health Care PLC (LON:PHC) has secured a new distribution agreement with a UK company. It covers its biostimulant Harpin in all crops in the UK.

SourceBio International PLC (LON:SBI) expects significant growth after revenues and earnings soared in the first six months of the year. It will be driven by the phasing of COVID-19 testing revenues.

Read More: FTSE falls deeper into the sea of red as China induced tsunami hits Asian markets

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