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The Markets
by Proactive
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The Markets
by Proactive
Proactive UK has moved.
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Apple disappointment drags London market lower

Footsie drops as tech stocks fall after Apple and Microsoft results.

The fall-out from quarterly results from Apple and Microsoft dragged the London market down on Wednesday.

Apple shares tumbled after the technology giant forecast lower-than-expected revenues and iPhone sales fell short of hopes.

Microsoft also disappointed, reporting a $3.2bn net loss in the three months to June 30 against a $4.6bn profit last time, after writing off $8.4bn.

The FTSE 100 Index dropped 60.49 points to 6708.6.

It was held back by the likes of ARM Holdings (LON:ARM), which fell 30p to 1009p, and Imagination Technologies (LON:IMG), down 4.5p to 238.25p.

ARM itself said its pre-tax profit in the half-year to June 30 rose 28% to £244.4mln on a 15% increase in revenue to $705.2mln.

But it signalled that "a small sequential increase in industry revenues" in the second quarter could limit third quarter royalties.

In economics, traders were still waiting next developments in the Greek saga as parliamentarians in Athens prepared to vote on a second set of reforms.

Greek premier Alexis Tsipras was looking likely to have to rely on opposition support to get the changes through amid defiance from rebels in his own party.

Back in the UK, markets were set to comb through minutes from the last meeting of the Bank of England's monetary policy committee for clues about when British interest rates may rise.

Barclays economist Fabrice Montagne told Bloomberg TV he was not expecting any MPC members to have voted for a rate rise.

But governor Mark Carney had previously said he expected a focus on the future direction of rates around the end of this year.

In equities, EasyJe(LON:EZJ) reported better-than-expected revenue per seat in the three months to June 30, lifting its shares by 71p to 1737p.

Flybe (LON:FLYB) also flew 4p higher to 75p as it reported a positive start to the year, with passenger numbers rising 9.8% to 2.1 million in the first quarter.

Publican and brewer Marston's (LON:MARS) frothed up 3.9p to 159p on news of a 1.7% rise in like-for-like sales in its destination and premium pub business in the 41 weeks to July 18, against the same period a year ago.

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