Morning Report: FTSE 100 falls as Rolls-Royce confirms 9000 job cuts


Morning Report: FTSE 100 falls as Rolls-Royce confirms 9000 job cuts

Headlines from Proactive UK newsroom.

The FTSE100 made a nervy start on doubts that Moderna’s Covid-19 vaccine will pass muster. The blue-chip index dipped 30 points to 5,971.

Rolls-Royce has confirmed it will shed 9,000 jobs from its global workforce of 52,000. The cuts are part of a reorganisation to save the aeroengine maker £1.3bn a year.

Marks & Spencer says it is doing better than its worst-case coronavirus scenario. The retailer has assumed clothing sales will drop by £1.5bn and food sales by £400mln before returning to normal levels in February 2021.

AstraZeneca’s Lynparza cancer drug has been granted US approval as a treatment for prostate cancer. Prostate is the second-most common cancer in men and five-year survival remains low.

Gfinity (LON:GFIN) has extended its relationship with F1 and been appointed to deliver the main elements of the F1 Esports Series in 2020 and 2021, as well as the 2022 qualifying events. The F1 Esports Virtual Grand Prix Series has also been extended to June.

Echo Energy’s (LON:ECHO) production and operations in Argentina have continued uninterrupted amid the coronavirus (COVID-19) pandemic and remain in-line with expectations. Net production has averaged 2,250 barrels oil equivalent (boe) per day.

Silence Therapeutics (LON:SLN) has strengthened its leadership team ahead of a listing on the American growth market, Nasdaq. It also confirmed it is in discussions with other potential commercial partners after inking a major deal with AstraZeneca earlier this year.

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