London open: FTSE 100 at three-week low ahead of data

The FTSE 100 was down 0.4% at 8,136 within the first hour of trade. It has not closed below this level since 2 July.

In after-hours trade in the US, Tesla shares fell sharply after the electric carmaker said net profits fell 45% in the second quarter, while Google parent Alphabet disappointed with slowing ad sales growth.

"As such, two of the Magnificent 7 stocks failed to create euphoria when they reported their Q2 results yesterday. The less-than-ideal set of earnings comes at a time when investors are questioning whether the AI rally has gotten ahead of itself," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Visa, UPS and GM also underwhelmed investors with their latest numbers over the past 24 hours, with futures on the three Wall Street benchmarks showing a sea of red ahead of the opening bell.

After a relatively quiet economic calendar so far this week, the schedule picks up on Wednesday with a host of purchasing managers' indices (PMIs) due from across the Eurozone, the UK and the US. Early releases show the composite PMI from France improved from 48.8 to 49.5, but declined in Germany from 50.4 to 48.7.

Reckitt and easyJet rise

Reckitt Benckiser was a high riser, gaining 4% on plans to slim down its portfolio to focus on core businesses and offloading several home care brands.The Durex and Dettol maker said it would look to sell brands including Air Wick, Mortein, Calgon and Cillit Bang. Its Mead Johnson Nutrition business, which makes Enfamil and Nutramigen, is now also up for sale.

Also impressing the market were easyJet's third-quarter results which showed a big increase in profits driven by an 8% rise in passenger numbers and a 1% rise in revenue per seat. The FTSE 100 low-cost carrier said easyJet holidays saw 49% growth in profit before tax to £73m, with a 33% increase in passenger numbers.

Gold and silver miner Fresnillo rose after saying it was on track to meet full year guidance after strong second quarter production. The Mexico-based company said quarterly attributable silver production of rose 8.4% quarter on quarter to 14.6 million ounces, but gold production was down 7.7% to 130,000 ounces.

Financial stocks were leading the downside, with Scottish Mortgage Inv Trust, Experian, Prudential, 3i Group, Standard Chartered, NatWest and Beazley all among the top 10 fallers list.

Market Movers

FTSE 100 (UKX) 8,136.06 -0.38%
FTSE 250 (MCX) 21,084.65 -0.03%
techMARK (TASX) 4,757.69 -0.33%

FTSE 100 - Risers

easyJet (EZJ) 451.90p 5.66%
Reckitt Benckiser Group (RKT) 4,587.00p 4.06%
Fresnillo (FRES) 614.00p 2.33%
Intertek Group (ITRK) 4,758.00p 2.10%
International Consolidated Airlines Group SA (CDI) (IAG) 167.55p 1.61%
Smurfit Westrock (DI) (SWR) 3,809.00p 1.57%
Vistry Group (VTY) 1,334.00p 1.29%
Ashtead Group (AHT) 5,362.00p 1.21%
BAE Systems (BA.) 1,282.00p 0.79%
Antofagasta (ANTO) 1,927.00p 0.73%

FTSE 100 - Fallers

Scottish Mortgage Inv Trust (SMT) 863.40p -1.71%
Experian (EXPN) 3,488.00p -1.61%
Prudential (PRU) 676.80p -1.54%
Burberry Group (BRBY) 708.60p -1.50%
3i Group (III) 3,027.00p -1.43%
Standard Chartered (STAN) 714.60p -1.38%
NATWEST GROUP (NWG) 335.50p -1.32%
Beazley (BEZ) 653.50p -1.28%
WPP (WPP) 741.80p -1.12%
Convatec Group (CTEC) 248.20p -1.12%

FTSE 250 - Risers

Ascential (ASCL) 563.00p 26.01%
Aston Martin Lagonda Global Holdings (AML) 167.00p 11.33%
Elementis (ELM) 155.20p 6.89%
Hochschild Mining (HOC) 186.80p 5.54%
Indivior (INDV) 849.50p 2.91%
Me Group International (MEGP) 190.00p 2.48%
Wizz Air Holdings (WIZZ) 2,034.00p 2.47%
Playtech (PTEC) 563.00p 2.18%
RHI Magnesita N.V. (DI) (RHIM) 3,735.00p 2.05%
Renewi (RWI) 664.00p 1.84%

FTSE 250 - Fallers

Target Healthcare Reit Ltd (THRL) 80.00p -3.03%
Bridgepoint Group (Reg S) (BPT) 261.80p -2.46%
Ocado Group (OCDO) 421.70p -2.11%
Breedon Group (BREE) 401.50p -2.07%
CMC Markets (CMCX) 305.00p -1.93%
Ashmore Group (ASHM) 166.60p -1.88%
W.A.G Payment Solutions (WPS) 62.20p -1.58%
Polar Capital Technology Trust (PCT) 3,150.00p -1.41%
International Workplace Group (IWG) 169.60p -1.28%
Monks Inv Trust (MNKS) 1,154.00p -1.20%