The stock market of the United Kingdom has continued to slide down last Friday morning after the revelation of the disappointing overnight results from Amazon and Google, some of the tech giants of the United States of America.
The market analyst at IG, Joshua Mahony, stated: “European markets are in decline yet again, with the stock market rout that has dominated throughout the month of October showing little signs of letting up.”
On Friday morning, the FTSE 100 was down by 104 points at 6,899 points, signifying a decline of 1.5 percent for the day.
The share price of Royal Bank of Scotland (RBS) was down by 4.35 percent after it missed a key profit target.
The market analyst at CMC Markets UK, David Madden, stated: “RBS shares are in the red after the bank posted a 14.3 per cent rise in third-quarter net profit, but equity analysts were expecting £507m. The bank had a respectable performance but has set aside £100 million due to uncertainty surrounding Brexit, and that rattled investor confidence.”
International Airlines Group, the owner of British Airways, stood out amid the gloom with a share price boost amounting to 3.2 percent on the back of a strong set of third quarter results.
Russ Mould, an investment director at AJ Bell, stated: “Given the numerous headwinds facing British Airways owner International Consolidated Airlines today’s third-quarter update from the company has to be considered a minor triumph.”
Both Amazon and Google missed key performance metrics last Thursday night in their after-the-bell results, which could have an effect on the US markets.
A senior market analyst at City Index, Fiona Cincotta, stated: “Nerves remain fragile after the sharp stock market losses in the last few weeks with every imperfect tealeaf read as a harbinger of doom. US futures are already indicating a lower start to the day based on Amazon’s results late Thursday.”