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London Market Report London Market Report
(about 4 hours later)
(Open): Shares in travel firm Thomas Cook and online fashion retailer Asos were hit after the two firms issued trading updates. (Noon): Shares in travel firm Thomas Cook and online fashion retailer Asos fell sharply after the two firms issued trading updates.
Thomas Cook fell 6.2% to 121.90p. The firm said full-year earnings were set to be between £315m and £335m, in line with expectations. Thomas Cook fell 6.4% to 121.70p. The firm said full-year earnings were set to be between £315m and £335m, in line with expectations.
However, Thomas Cook also said bookings in Germany had slowed "reflecting a less optimistic consumer climate".However, Thomas Cook also said bookings in Germany had slowed "reflecting a less optimistic consumer climate".
Asos sank 12% after it warned profits were unlikely to grow in 2014-15. Asos sank 9% after it warned profits were unlikely to grow in 2014-15.
The retailer said it would make "significant investments" in the coming year, and as a result profits were likely to be at a "similar level to 2013-14".The retailer said it would make "significant investments" in the coming year, and as a result profits were likely to be at a "similar level to 2013-14".
The FTSE 100 index was down 19.65 points at 6,784.56, with investors expected to remain cautious this week ahead of the referendum on Scottish independence. Asos issued two profit warnings earlier this year, and following its latest update its shares fell 218p to 2204p.
Worries about the referendum pushed the value of the pound lower. Sterling was down 0.31% against the dollar at $1.6182 and fell 0.29% against the euro to 1.2509 euros. The FTSE 100 index was down 43.12 points at 6,761.09. Analysts expect investors to remain cautious this week ahead of the Scottish referendum, with financial stocks likely to be avoided.
"Even though the polls are showing a 'No' vote it is likely nobody wants to stick their neck out and buy banks and insurers ahead of the Scottish referendum on Thursday," said David Madden, market analyst at IG.
Worries about the referendum continued to weigh on the value of the pound, and another fall in the UK inflation rate suggested the Bank of England will be in no rush to raise interest rates.
Sterling was down 0.26% against the dollar at $1.6191 and fell 0.27% against the euro to 1.2512 euros.