FTSE 100 on the backfoot as luxury brands take a knock - Market Report

Proactive - Interviews for investors

London’s blue chips have fallen for a second consecutive day despite more record highs achieved overnight on Wall Street. Leading the fallers was Burberry as more luxury retailers revealed the woes facing the sector, with Cartier owner Richemont this morning warning that weak China demand has hit sales. Hugo Boss also cut full-year sales guidance over weaker demand in China and the UK. Rio Tinto has dropped 2.2% as investors quail over the $6.2 billion investment it will make in its Guinea iron ore project. Guinean and Chinese regulatory approvals have now been received for the project, meaning it can begin the development of rail and port infrastructure. On the FTSE 250, Ocado jumped after it reported lower half-year losses and raised its earnings and cash flow guidance for the full year. Losses before tax shrank to £154 million from £290 million a year ago. #proactiveinvestors #marketreport #burberry #ftse #ftse100 #footsie #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews