FTSE 100 live: Markets steady after Chancellor rips up tax cut plans

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FTSE 100 seen higher, earnings boost Wall Street shares

UK assets rose yesterday as the new chancellor sought to restore market confidence in the government by ditching almost all of the tax cuts in last month’s mini-budget.

Sterling rose 2.4% at one point and the yield on 10-year UK bonds fell to 3.96% in the biggest daily fall outside the current turmoil since the Conservatives won the 1992 general election.

The pound firmed to around $1.135 today after the Financial Times reported that the Bank of England’s quantitative easing plan would be delayed.

The development came as global markets also welcomed a solid start to the third-quarter earnings season, which sent the S&P 500 up 2.65% and the tech-focused Nasdaq Composite up 3.4% in its best session from July.

However, Wall Street’s confidence will be tested later with the release of data from Netflix, Goldman Sachs and Johnson & Johnson.

The FTSE 100 ended 0.9% higher yesterday and is expected to add another 55 points to 6,975, according to CMC Markets.

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UK revenues 888 hit by new gambling laws

Enhanced UK online gambling safety measures have reduced UK betting company 888’s online revenue by 13% over the past three months, the company has revealed.

The Gambling Commission introduced a range of new measures last summer, including the introduction of spin speed limits and a permanent ban on features that speed up play or celebrate losses as wins.

As a result, average spend per player for 888’s UK online customers fell by 14% year-on-year, it said.

This reduced the amount the company made through its UK online channels by 13% to £171m in the three months to the end of September. Total revenue for the whole group was down 7% to £449m over the same period.

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Jet2 orders 35 new planes in $3.9 billion deal as it expects leisure industry to take off

Package travel firm Jet2 says it has ordered a further 35 aircraft as it anticipates future growth in the leisure travel industry.

The firm reached an agreement with Airbus to buy 35 new A320 aircraft in a deal worth $3.9 billion, with an option to expand the contract to 71 aircraft at a total cost of $8 billion. The order means Jet2 has a total of 98 aircraft on order.

Jet2 plc Executive Chairman Philip Meeson said: “We are delighted to build on our existing relationship with Airbus and to place this additional aircraft order which provides the company with security of supply for the next decade.

“The order reflects our confidence that we have a much-loved product built on industry-leading customer service that we can continue to build on.”

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