FTSE 100 makes a positive start; AstraZeneca leads losers after vaccine rollback

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The FTSE 100 shrugged to open into positive territory as traders ignored the NASDAQ’s 500 point drop.Apple shares lost 7%, while Tesla fell 21% after failing to cut the S & P500 index.

“There is not yet a clear signal that the [NASDAQ] The index has passed an inflection point, although it is possible that the pandemic-fueled rise in recent months will subside as the world returns to some sort of normalcy, ”said Richard Hunter, analyst at Interactive Investor.

Here in the UK it was all about drugs.

The bad news came from (), who confirmed that they halted work on a vaccine it is jointly developing with the University of Oxford after a “serious event” during the testing process. The shares fell 2.6%.

Oxford Biomedica (), which had a supply deal with the AZ team developing the new Covid jab, lost 11%.

There was good news for Amryt Pharma (), whose shares jumped 21% after its gel proved effective in studying participants with a chronic excruciating skin condition.

It will now apply to regulatory approval in the US and the EU.

Not to be outdone, Redx Pharma (LON: REDX) jumped 40% in early skirmishes after signing a collaboration with an American company called Jazz Pharmaceuticals worth US $ 20 million over two years and 400 millions more in milestone and royalty payments.

6:32 a.m .: flat start planned

The FTSE 100 is expected to open a little lower on Wednesday as investors seem content to sit idly by after yesterday’s bloodshed on Wall Street.

The IG spread betting firm expects the blue chip index to open around 5 points after ending Tuesday’s session 7 points lower at 5,930.

Traders appear to have been shaken by the performance of the US markets overnight, which saw the Dow Jones Industrial Average close 2.25% lower at 27,500 while the S&P 500 fell 2.78% to 3,331 and the Nasdaq fell 4.11% to 10,847.

The highly technological Nasdaq is now trading at around 10% of its September 2 high, which puts it in correction territory and worries many investors that the tech bubble may finally burst.

News from pharmaceutical giant PLC () that it is suspending its coronavirus vaccine trials and heightened tensions between the United States and China over trade also appear to have added to the overall negative turnaround in market sentiment.

Selling in the tech sector also picked up in Asian markets on Wednesday morning, with Japan’s Nikkei 225 down 1.16% while Hong Kong’s Hang Seng fell 0.91%.

In currency markets, the pound edged down against the dollar, down 0.08% to US $ 1.297 as fears continued to swirl around the prospect of a no-deal Brexit at the end of the period. transition this year. A recent strong performance of the dollar as a safe haven asset has also added some pressure on the pound sterling.

Around the markets:

Sterling: US $ 1,297, down 0.08%

Brent brut: US $ 39.69 per barrel, down 0.2%

Or: $ 1,932 per ounce, up 0.1%

Bitcoin: US $ 10,123, down 1.6%

6h45: Early Markets: Asie / Australie

Mainland China stocks were weaker today, with the Shanghai Composite slipping 1.31% while the Hang Seng Index in Hong Kong fell 0.92%.

In Japan, the Nikkei 225 index fell 1% and the South Korean Kospi also lost 0.77%.

In Australia, the S & P / ASX 200 fell 2.43% after Wal Street closed lower for a third straight session overnight in the United States.

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Proactive News from Australia:

() is higher after the signing of a Memorandum of Understanding (MOU) for a potential offtake of vanadium products with Enerox GmbH, a world market leader in CellCube vanadium redox flow battery (VRFB) energy storage systems .

() (OTCMKTS: LMMFF) (FRA: 3MW) has raised $ 4.5 million in a strongly supported stock purchase plan (SPP), more than double the original target of $ 2 million.

() intersected nickel-copper sulfide mineralization during initial diamond drilling at Lantern Prospect in the Fraser Range nickel belt in Western Australia.

() received high grade gold results from four zones of the 2.2 million ounce Abujar gold project in Côte d’Ivoire, West Africa, demonstrating the continued growth of the gold mineralized system.

() has signed a binding option agreement with Mali project vendor Société Minière et Commerciale (SOMICO) over the Sakaar Exploration Permit in western Mali.

() () Paxalisib treatment for malignant glioma (a type of tumor that occurs in the brain) recently received orphan drug designation by the US FDA.

() produced more encouraging results from the flagship Mt Alexander project in the northeastern WA gold fields with drilling intersecting other indications of nickel-copper sulphides.

Ltée’s () transformation agreement for IGO Ltée () for the acquisition of nine Fraser Range licenses is a strong recognition of the buildings’ potential to host another nickel-copper sulphide deposit.

Platina Resources Limited () will assess copper potential and added value at its Platina Scandium (PSP) project in west-central New South Wales.

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