FTSE 100 slumped in early deals as US tech-related stocks suffered again after an update from Netflix overnight disappointed analysts. Tech-proxy Scottish Mortgage Trust led the retreat with the index 81 points lower at 7,504.
Netflix’s share price plummeted 20% as the streaming giant forecast slowing subscriber growth for the first quarter of 2022. The company said it expects to 2.5mln new customers compared with 4mln in the same period last year and analysts' forecasts of 5.9mln.
Rio Tinto might be feeling the backlash of Australia’s decision to deport Serbian tennis star Novak Djokovic last week on Covid grounds. A huge lithium project being developed by the miner in Serbia has now been scrapped on environmental grounds.
In the UK, retailers had their worst Christmas in 25 years as Omicron kept shoppers at arm’s length. December saw the worst decline on record, with a 3.7% month-on-month drop.
Elon Musk’s 'cyborg' company Neuralink is hiring new scientists as it prepares for human trials of its technology. The company, which says its is “creating the future of brain interfaces”, has posted a job advertising for a clinical trial director.
Among the small caps, Destiny Pharma highlighted the publication of a major Lancet study highlighting anti-microbial resistance (AMR) as one of the main causes of death across the world. Destiny said its XF platform addresses the threat of AMR, with drug candidates already in late-stage trials.
88 Energy shares have begun trading on the OTCQB market in the United States, ahead of the expected spud of the explorer’s Alaskan well next month. EEENF is the ticker.