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London’s FTSE 100 on course to end the week on a sour note

The FTSE 100 was on course to end the week on a sour note as the market is affected by conflicting signals from higher inflation and strong company earnings.

London’s leading index slid 22 points to 7,361 in early trading.

AstraZeneca PLC (LSE:AZN) has disappointed investors after missing quarterly profit forecasts. The pharma giant still reiterated guidance for the full year, while the COVID-19 vaccine is moving to modest profitability.

Chinese retailing giant Alibaba has seen a more muted Singles Day compared to previous years, as China’s economic growth slows down. It’s the world’s biggest online shopping event.

Graduate jobs are receiving record numbers of applications as there are fewer available positions than before the pandemic. University students who graduated this year are facing more competition from last year’s unemployed peers.

Among the small caps, Powerhouse Energy Group PLC (AIM:PHE)’s partner Hydrogen Utopia International has signed a deal with Linde Engineering. Linde will supply its technology to Powerhouse’s energy projects in Europe.

United Oil & Gas PLC (AIM:UOG) has spud a development well at the Abu Sennan licence, onshore Egypt. It’s expected to be brought into production soon.

Nuformix PLC (LSE:NFX) has filed a second patent application for a new family of co-crystalline forms of a drug already on the market. The unnamed product had sales of more than £1bn in 2020.

Read More: London’s FTSE 100 on course to end the week on a sour note

2021-11-12 04:29:00

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