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FTSE 100 falls, with Arm shares hit by Apple forecast FTSE 100 falls, with Arm shares hit by Apple forecast
(about 2 hours later)
(Open): The London market fell, with shares in chip-designer Arm Holdings down after Apple's latest earnings forecast disappointed the market. (Noon): Shares in chip-designer Arm Holdings led the market lower after Apple's latest earnings forecast disappointed the market.
The FTSE 100 index dropped 52.34 points to 6,716.73, with Arm shares down 3.1%. The FTSE 100 index dropped 70.15 points to 6,698.92, with Arm shares down 4.1%.
Arm reported a 32% rise in second quarter profits to £123.9m, helped by increasing royalties from products such as Apple's iPhone.Arm reported a 32% rise in second quarter profits to £123.9m, helped by increasing royalties from products such as Apple's iPhone.
However, its shares tracked the decline seen in Apple's share price after the tech giant released results on Tuesday.However, its shares tracked the decline seen in Apple's share price after the tech giant released results on Tuesday.
Apple's profits rose 38% to $10.7bn (£6.87bn) in the third quarter, helped by strong demand for iPhones.Apple's profits rose 38% to $10.7bn (£6.87bn) in the third quarter, helped by strong demand for iPhones.
However, Apple's shares dropped nearly 7% in after-hours trading in New York, with analysts unimpressed with its forecasts for the fourth quarter.However, Apple's shares dropped nearly 7% in after-hours trading in New York, with analysts unimpressed with its forecasts for the fourth quarter.
Shares in mining giant BHP Billiton fell 3.2%. The company said it had exceeded expectations for iron ore production, but added write-downs in its copper business would hit full-year underlying profits. Shares in mining giant BHP Billiton fell 3.8%. The company said it had exceeded expectations for iron ore production, but added write-downs in its copper business would hit full-year underlying profits.
There was better news for Easyjet, which saw its shares rise 4.8% after the airline said its third quarter performance had been better than expected. Other mining shares were also lower as metals prices fell. Anglo American dropped 3.8% while Glencore was 3.1% lower.
On the currency markets, the pound rose 0.4% against the dollar to $1.5620 and was 0.3% higher against the euro at €1.4261. There was better news for Easyjet, which saw its shares rise 4.2% after the airline said its third quarter performance had been better than expected.
On the currency markets, the pound rose 0.3% against the dollar to $1.5605 and was 0.5% higher against the euro at €1.4292.
Sterling was boosted by the minutes of the Monetary Policy Committee's July meeting, which hinted that some Bank of England policymakers were edging towards favouring a rate rise.