Morning Report: FTSE 100 in consolidation mode as HSBC criticised for China support

Headlines from the Proactive UK newsroom.

The FTSE 100 was in consolidation mode after this week’s strong gains ahead of US job statistics on Friday. The blue-chip index was flat at 6,385 in spite of more strong gains by Asian markets.

HSBC and Standard Chartered have been criticised by protest groups for giving their support to China's new security laws for Hong Kong. In a statement the two banks said the proposed law can help maintain the city’s long-term stability.

Spreadbet firm IG Group (LON:IGG) generated as much revenue in its fourth quarter as the whole of the first half of its financial year as the coronavirus pandemic boosted market volatility. Revenue was £259mln in the three months to May, up 63% on the same period a year ago.

Aston Martin (LON:AML) is cutting 500 jobs as part of what it says is a fundamental reset of the luxury carmaker. Production of sports cars is being reduced to a level which will restore profitability, it said.

Lookers PLC(LON:LOOK) said it is to axe 1,500 jobs as well as close 12 sites after a subdued reopening of activities. The restructuring, coming with a one-off charge of £9mln, will save £50mln per year in payroll costs.

Open Orphan PLC (LON:ORPH) has launched hVIVO COVID Clear Test, a coronavirus antibody testing service, following the successful completion of trials. The test will be offered to groups such as GP networks.

Tiziana Life Sciences PLC’s (LON:TILS, NASDAQ:TLSA) scientific advisory board chairman has received a US research grant to investigate the company’s nasal anti-CD3 drug, Foralumab, for the treatment of Alzheimer’s disease. The NIH award provides third-party validation of his work in an area of great unmet medical need

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