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London Market Report London Market Report
(about 5 hours later)
(Noon): Shares in travel firm Thomas Cook and online fashion retailer Asos fell sharply after the two firms issued trading updates. (Close): Shares in travel firm Thomas Cook and online fashion retailer Asos fell sharply after the two firms issued trading updates.
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. Thomas Cook fell 6.15% to 122p. 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 9% after it warned profits were unlikely to grow in 2014-15. Asos sank 8.88% 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".
Asos issued two profit warnings earlier this year, and following its latest update its shares fell 218p to 2204p. Asos issued two profit warnings earlier this year, and following its latest update its shares fell 215p to 2207p.
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. The FTSE 100 index was down 11.97 points at 6792.24. 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."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. A 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. Sterling, however, steadied a little, gaining 0.33% against the dollar to $1.62870 and was up 0.04% against the euro at 1.255 euros.