FTSE starts on the back foot as mini–budget continues to weigh on sentiment

The FTSE 100 opened nearly 2%, or 128 points down at 6,880.

London’s blue-chip index continues to feel the impact of Friday’s mini-budget as Liz Truss doubled down on her measures.

Meanwhile, former Bank of England governor Mark Carney has accused the government of “undercutting” the UK’s key economic institutions. He added tax-cutting measures were “working at some cross-purposes” with the Bank.

In corporate news, Next has issued a profit warning as cost-of-living pressures impact the retail giant. The company’s full-year profit before tax guidance was cut by £20mln.

Porsche debuted on the stock market today, with a valuation of roughly €75bn. It values the luxury carmaker close to the market capitalisation of Volkswagen.

Avation swung back into profit in its latest financial year as the travel sector bounced back from
Covid. The commercial aircraft lessor posted an after-tax profit of US$17.1mln in the year to June 2022.

Avon Protection announced the first order for its Next Generation Integrated Head Protection System. The order from the US Army is worth US$42.1mln.

And Crossword Cybersecurity said it’s on track to meet full-year revenue targets as the “rising number of cyber-attacks” spurs demand. Revenues in the first half jumped 85%.

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