FTSE just about higher on mixed earnings news

The FTSE is edging higher this morning despite some impressive declines among blue chips as a rally by AstraZeneca balanced out some other negative corporate news. The pharma company was the top gainer on the main index this morning followed by Compass Group which also turned in a strong trading update.

The FTSE is edging higher this morning despite some impressive declines among blue chips as a rally by AstraZeneca balanced out some other negative corporate news. The pharma company was the top gainer on the main index this morning followed by Compass Group which also turned in a strong trading update.

Among the fallers the UK’s largest listed tech company Sage Group dropped 10% as it reported a sharp decline in its software revenue. Utility SEE was sold down over 6% after it recently said its renewable energy output in the early part of this year was lower than expected.

Euro wobbly ahead of ECB policy meeting

The euro is losing ground ahead of the European Central Bank policy meeting later today as the currency market is building in expectations of dovish signals from the bank and some form of confirmation that the ECB plans on cutting rates in September.

The euro has notched down to $1.129 against the dollar and to GBP0.8921 against the pound.

Sterling is mostly trading sideways against the dollar after a technical buying spurt late Wednesday. The action is more muted this morning as currency traders await news from Boris Johnson’s first day in office. The PM is due to meet his team of senior ministers later today and to start outlining how he plans to leave the EU by the end of October.

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