FTSE opens lower following steep losses in the US

The FTSE 100 opened lower, down 59 points to 6,834.

Early pressure on the market followed heavy losses in the US on Friday.

Meanwhile, Chancellor Kwasi Kwarteng has confirmed that the government is axing plans to give the wealthiest 1% a tax cut. Kwarteng tweeted that the measure had become a “distraction” from his objectives.

In corporate news, Halma says it has acquired IZI Medical Products, a designer, manufacturer and distributor of medical consumable devices. Halma said it will pay an initial consideration of £138mln.

Tesla has reported record third-quarter sales of 343,000 vehicles. These still, however, fell short of analysts’ expectations.

Futura Medical says it has completed all the work required to make its submission for US regulatory sign-off for its fast-acting erectile dysfunction gel. It expects to receive marketing approval towards the end of the first quarter of next year.

Kavango Resources has mobilised a multi-purpose drill rig for its maiden drill campaign on the Kalahari Copper Belt in Botswana. The rig will conduct a first phase drill programme on one of its prospects.

And Spectra Systems says it negotiated a 21% increase in the price of certain specified materials for a contract with a longstanding central bank customer. The price increase reflects its efforts to mitigate supply chain issues by bringing more processing in-house.

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