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FTSE 100 LIVE: Marks and Spencer to cut 950 jobs but share price fails to recover

Today the share price is 97.75, which is still significantly lower than this time last month when M&S stock were trading at 107.850.

However, a spokesman said the move marks “an important step” in Marks and Spencer becoming a “stronger, leaner” business.

Sacha Berendji, director of retail, operations and property at M&S, said: “Through the crisis we have seen how we can work faster and more flexibly by empowering store teams and it’s essential that we embed that way of working.

“Our priority now is to support all those affected through the consultation process and beyond.”

Marks and Spencer reported in May its clothing sales fell by 84 percent year-on-year at the lowest point.

While shops can now welcome customers footfall was down 65 percent last month across the retail industry compared to last year with sales tumbling by 48 percent over the past three months as thousands of customers continue to stay away from the high street.

FOLLOW OUR LATEST UPDATES BELOW:

2.30pm update: US markets turn positive

Futures tracking the S&P 500 and Dow turned positive as hopes of a coronavirus vaccine offset concerns about the economic damage from a surge in domestic COVID-19 infections.

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At 9.01am ET, Dow e-minis were up 15 points, or 0.06 percent, and S&P 500 e-minis were up 1.25 points, or 0.04 percent.

Nasdaq 100 e-minis, which were up before the report, hit session highs.

It comes as German biotech firm BioNTech and US drugmaker Pfizer reported additional data from their experimental coronavirus vaccine that showed the vaccine was safe and induced an immune response in patients.

2pm update: UK Government ready to support M&S workers, says Boris Johnson’s spokesman

The Government is ready to support Marks and Spencer workers who may lose their jobs with universal credit and the job seekers’ allowance.

The Prime Minister’s spokesman said: “We know that this will be worrying news for M&S employees and their families and we stand ready to support them.

“Affected employees will be able to access a wide-range of support including universal credit and the job seekers’ allowance.”

1.45pm update: The FTSE-100 index is down 31.13 at 6259.17

1.40pm update: Britain will be constructive with EU in Brexit talks but will not give up its rights, says No 10 spokesman

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The UK and the European Union will resume talks on Tuesday

Boris Johnson’s spokesman said: ”Our position on our sovereignty, laws and fisheries is clear, we will not give up our rights as an independent state.

“We will continue to engage constructively with the EU on these key issues and will work hard to reach the broad outline of an agreement, but as we have been clear all along we are not asking for a special, bespoke or unique deal.”

12.45pm update: The FTSE-100 index is down 31.56 at 6258.74

12.30pm update: Boris Johnson says Britain will be tough with China 

Speaking to BBC News the Prime Minister said: “China is a giant factor of geopolitics, it’s going to be a giant factor in our lives and in the lives of our children and grandchildren.

“You have got to have a calibrated response and we are going to be tough on some things but also going to continue to engage.”

The Prime Minister confirmed changes would be made to extradition arrangements with Hong Kong.

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11.45am update: The FTSE-100 index is down 44.41 at 6245.89

10.15am update: Pound sinks to 20-day low vs euro

The pound is down against the euro, which hit 19-week highs.

Versus the dollar, sterling changed hands at $ 1.2573 at 0803 GMT, broadly flat on the day, having fallen overnight then recovered from around 0400 GMT.

Against the euro, the pound was at 91.08 pence per euro, down around 0.2% since New York’s close.

Euro-sterling hit a 20-day high of 91.38 pence at 0604 GMT.

9.45am update: The FTSE-100 index is down 26.71 at 6263.59

9.30am update: Oil stocks drag FTSE lower

The FTSE 100 has continued to dip with energy stocks tracking a decline in oil prices amid concerns following the global spike in coronavirus cases.

The commodity-heavy blue-chip index was down 0.9 percent, with BP Plc and Royal Dutch Shell Plc among the biggest drags.

The FTSE 100 has bounced about 27 percent following a coronavirus-driven crash in March, but the pace of gains has slowed since June amid fears of a slower-than-expected global economic recovery.

8.45am update: EU markets spooked by summit row

The weekend’s EU summit chaos – and stalemate – has spooked European markets. 

The Euronext 100, CAC 40, DAX and Swiss Market Index have all fallen this morning. 

Euronext is down 0.86 percent, CAC down 0.87 perent, DAX down 0.67 perent and Swiss Market Index down 0.51 percent. 

8.30am update: FTSE plummets on open

The FTSE has dropped sharply on open, falling from yesterday’s close of 6,290 to 6,224 in under an hour. 

It marks a drop of more than 1 percent – a worrying start to the day’s trading. 

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