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Markets rocked by China’s latest move to control activity of tech firms

Published: 09:56 26 Jul 2021 BST

FTSE 100 opened lower as markets in Asia were rocked by China’s latest move to control the activity of tech firms.  London’s blue-chip index shed 37 points at 6,990 in early dealings.

China latest clamp down is on online education groups with a wave of new restrictions sending share prices in companies listed in Hong Kong and the US plummeting up to 70%.  The news followed fines by China for music steaming giant Tencent over its exclusive music deals and a probe into ride-hailing app Didi.

Ryanair PLC (LON:RYA) raised its passenger forecast for passengers this year as routes start to open up. The low-cost carrier flew 8.1mln passengers in the three months to June up from 500,000 a year ago and now expects to carry between 90mln and 100mln passengers this financial year.

Britain’s economy is growing at its fastest pace in 80 years and could be back at pre-pandemic levels by the end of 2021 according the EY Item Club. The well-regarded think tank expects GDP this year to jump by 7.6%.

Among the small caps, CentralNic Group PLC (LON:CNIC) said full-year revenue will be well ahead of market expectations after a strong second quarter. The internet platform company has achieved record organic growth.

Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF, FRA:G2V2) (LON:GAL) is about to start an underground exploration programme at the Omagh gold mine in Northern Ireland. Drilling will focus on two veins.

United Oil & Gas PLC (AIM:UOG, FRA:1UO) (AIM:UOG) posted much higher average daily oil production that guided previously. Operations in Egypt have been performing beyond expectations said the oil and gas group.

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