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Global markets fall into the red as trade war concerns spread

Wednesday, 11th July 2018
There was a sea of red across global markets after US president Donald Trump threatened $200bn of extra tariffs on Chinese imports.

Miners and oil majors remained among the weakest performers in the sell-off.

The FTSE 100 was 1.3% lower at 7,591 and Germany's DAX was also down 1.3% at 12,449.

In the US, investor jitters were also evident with the Dow Jones losing 0.6% at 24,758 around 4:45pm UK time.

Brent crude oil dropped 3% to $76.49 per barrel. Copper slumped 3.2% to $2.74 per pound and gold was down 0.5% at $1,247 per ounce.


Shares in addiction treatment specialist Indivior (INDV) suffered a 29.4% crash to 266.8p after pulling its earnings guidance for the year to 31 December 2018. Indivior blamed a generic drug launch by Dr Reddy's Laboratories before the launch was temporarily blocked and a slow uptake of Sublocade.

Broadcaster Sky (SKY) agreed to a higher £24.5bn takeover offer from Rupert Murdoch's 21st Century Fox. The stock nudged 0.5% lower to £14.94.

UK housebuilder Barratt Developments (BDEV) added 1.8% to 491.6p after announcing it expects to end its financial year with record pre-tax profits of £835m, driven by its regional business.

Budget friendly pub JD Wetherspoon (JDW) revealed strong fourth quarter trading, helping the shares fizz 3.4% to £12.87.

Gambling form Playtech (PTEC) fell 4.4% to 493.5p after Credit Suisse downgraded the stock from 'outperform' to 'neutral.'

Soft drink bottler Coca-Cola HBC (CCH) was flat at £26.87 despite broker Jefferies upgrading its recommendation from 'hold' to 'buy.'

Software firm Micro Focus (MCRO) fell into a first half loss as problems integrating its purchase of HP's software division hit its performance, causing the shares to decline 9.2% to £11.84.

Luxury fashion brand Burberry (BRBY) shed 4% to £20.16 amid flat sales in its first quarter, which it blamed on a period of transition.

Recruitment specialist Page Group (PAGE) dipped 1% to 585.5p despite full year operating profit beating market expectations.


Investment company Tern (TERN) rallied 11.2% to 26.7p following the launch of Thales's healthcare Internet of Things security solution.

Cell-based therapeutics developer ReNeuron (RENE) sealed an exclusivity agreement with a US-based speciality pharma company for the potential out-licensing of some of ReNeuron's programmes. The stock surged 22.5% to 99.2p.

Windows retailer Safestyle (SFE) crashed 21.5% to 39p on expectations sales will be below market forecasts and small underlying pre-tax loss. According to the company, the outcome reflects lower margins and higher operational costs.

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