Stock market slide continues after Amazon fails to deliver the goods
The UK stock market slide has continued this morning after disappointing overnight results from US tech giants Google and Amazon.
Joshua Mahony, market analyst at IG, said: “European markets are in decline yet again, with the stock market rout that has dominated throughout the month of October showing little signs of letting up.”
The FTSE 100 was down 104 points at 6,899 points this morning, marking a 1.5 per cent drop for the day.
Royal Bank of Scotland’s (RBS) share price was down 4.35 per cent after it missed a key profit target.
David Madden, market analyst at CMC Markets UK, said: "RBS shares are in the red after the bank posted a 14.3 per cent rise in third-quarter net profit, but equity analysts were expecting £507m. The bank had a respectable performance, but has set aside £100 million due to uncertainty surrounding Brexit, and that rattled investor confidence."
British Airways owner International Airlines Group stood out amid the gloom with a share price bump of 3.2 per cent on the back of a strong set of third quarter results.
AJ Bell investment director Russ Mould said: “Given the numerous headwinds facing British Airways owner International Consolidated Airlines today’s third quarter update from the company has to be considered a minor triumph.”
Both Google and Amazon missed key performance metrics last night in their after-the-bell results, which could have an impact on US markets today.
Fiona Cincotta, senior market analyst at City Index, said: “Nerves remain fragile after the sharp stock market losses in the last few weeks with every imperfect tealeaf read as a harbinger of doom. US futures are already indicating a lower start to the day based on Amazon’s results late Thursday.”