FTSE 100 starts lower as US tech earnings disappoint, EasyJet and Reckitt rise - Market Report

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The FTSE 100 has shifted lower as several stocks suffered negative read-across after updates from larger international rivals. Burberry continued its downward momentum after French luxury giant LVMH warned that a slowdown in China had led to lower sales in the second quarter. Meanwhile, tech investment group Scottish Mortgage also fell at the open as Tesla missed its profit guidance while Google owner Alphabet came in under on its YouTube ad revenue estimates. On the other end was Easyjet, which gained altitude on the back of third-quarter results. Profits rose 16% and summer bookings impressed after Ryanair's warning this week. Also rising was Reckitt Benckiser after it announced a sweeping reorganisation of its business that will see it dispose of ‘non-core’ brands. The fast-moving consumer goods conglomerate plans to get rid of Air Wick, Mortein, Calgon, Cillit Bang and other non-core products from its home care range. In mid-caps, Aston Martin Lagonda rallied after reiterating full-year guidance despite reporting lower sales and larger losses in the second quarter. #proactiveinvestors #marketreport #ftse #ftse100 #footsie #easyjet #ryanair #alphabet #youtube #scottishmortgage #google #burberry #lvmh #reckittbeckiser #astonmartinlagonda #astinmartin #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews