The FTSE100 has fallen sharply this morning after poor trading updates for Vodafone and pub company Enterprise Inns. London's blue-chip index is currently 77.20 points (1.43%) lower to 5327.10.
Declines in on-trade beer volumes has struck Enterprise, down 13.96% to 297.50.
Telco giant Vodafone is not faring much better, as it cautions on yearly earnings estimates. It is 12.9% lower to 130 so far. Carphone Warehouse is also in decline, 6.62% lower to 188.40.
Better news for Cairn Energy on a good morning for the oil groups, up 7.55% to 2778. Oil services provider John Wood Group is also higher, up 5.22% to 423.
A 33% revenue increase has boosted Johnson Matthey, 3.66% ahead to 1729.
In New York, a late Bank of America-led rally was not enough to push the Dow Jones IA into the black on Monday, closing 29.23 points (0.25%) behind to 11467.34.
Pharmaceutical giant Merck led the losses on concerns surrounding new cholesterol drug Vytorin. It fell 6.24% to 35.33.
JPMorgan Chase lost 3.42% to 38.65 on a mixed day for financials; while American Express struggled after missing second-quarter earnings estimates, down 3.06% to 40.90.
An upgrade to a ‘buy’ led insurer AIG to the day’s best performance, up 5.82% to 26.53. Better than expected Q2 results from Bank of America led to late day cheers, finishing 3.89% higher to 28.56.
In Tokyo, Japanese stocks soared on Tuesday as earnings confidence led to the sharpest gain since 29 May. Following a public holiday on Monday, the Nikkei 225 jumped 381.26 yen (2.98%) to 13,184.96.IFAonline
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