FTSE 100 Live 08 November: JD Sports latest on Footasylum, Elon Musk urged to sell Tesla stock, US borders reopen, BAE Systems update


esla shares will be in focus later today after Elon Musk’s Twitter followers urged him to sell 10% of his stake in the electric car company.

Musk put the potential sale to a vote on the social media platform over the weekend after highlighting the huge tax bill he will face from exercising stock options due in the next year. The result of the poll, which Musk had previously said he would abide by, came out 58% in favour of selling stock.

Ahead of Wall Street’s opening, investors in London were focused on the latest from JD Sports Fashion relating to Footasylum and a trading update from BAE Systems.

Live updates


Angling Direct hit by cyber attack

Phishing could be causing trouble for Angling Direct.

Hackers have taken over the company’s social media accounts and bought its website down. Angling Direct say the attack has been going on since Friday, with the company’s website down all weekend. Cyber security experts have been called in and regulators have been notified, though Angling Direct says it doesn’t think financial data has been compromised.

On Twitter, hackers using the company’s account claim to be transferring customer data to PornHub for some reason.

Angling Direct says this morning: “The Board does not anticipate that this incident will have a detrimental impact on underlying trading and the Company will continue to assess any cost exposure that this incident may create.”

Shares have sunk 5.8% at the open.


Sterling remains under pressure

The pound continues to trade at below $1.35 versus the US dollar, having been sent sharply lower last week by the Bank of England’s surprise decision not to raise interest rates. It had been above $1.38 at the end of October.

Brent crude, meanwhile, was back above $83.50 a barrel in the futures market after OPEC+ resisted calls to go beyond the 400,000 barrels a day increase in production already planned for next month.

The price of iron ore is heading in the other direction, falling 3% to its lowest level since May 2020 after China put pressure on its steel producers to curb output.


Mixed start to week for markets

Friday’s payrolls report showing the addition of 531,000 new jobs in the US last month set the scene for Wall Street markets to reach more record levels before the weekend.

The disclosure of Pfizer’s antiviral pill, which is said to reduce hospitalisations and deaths in high-risk patients by 89%, also gave a further boost to the travel industry ahead of today’s re-opening of US borders.

New York-listed travel-focused stocks including Airbnb, Boeing and Expedia were sharply higher, while engines giant Rolls-Royce was among those making progress in London.

Today’s session is looking more mixed, however, after a lacklustre performance for Asia markets as traders turn their attention to this week’s inflation figures in China and the US.

The latest China trade data for October also gave a mixed insight into the world’s second biggest economy as it deals with disruption at ports and various lockdown restriction.

These problems have been offset by retailers bringing forward their spending in order to ensure delivery in time for the Thanksgiving, Black Friday and the Christmas periods.

CMC Markets sees little change in European markets at the open, with the FTSE 100 index expected to be three points higher at 7307.

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