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Funds News

UPDATE 1-UK Stocks-Factors to watch on July 8

(Adds futures, news items) Britain’s FTSE 100 index is seen opening 24 points lower at 6,166 on Wednesday, according to financial bookmakers, with futures down 1% ahead of cash markets open.

* ASTRAZENECA: AstraZeneca Plc and Merck & Co Inc said their blockbuster cancer treatment Lynparza won approval in the European Union for treating patients with a form of pancreatic cancer.

* BOOHOO: Online fashion retailer Boohoo said it was launching an independent review of its supply chain in Britain, led by a senior lawyer, following a media report about dire working conditions in one English factory.

* FUNDING CIRCLE: Funding Circle will cut around 85 jobs in its U.S. business, the British-based peer-to-peer lending platform said.

* FIRSTGROUP: UK-based bus and rail operator FirstGroup warned on its ability to continue as a going concern, after posting an annual operating loss.

* INSURANCE: Commercial insurers are facing hefty claims from the coronavirus crisis but are also seeing a steep rise in premiums – tempting companies and industry veterans to raise capital, launch new businesses or expand into new lines.

* OIL: Oil prices dipped after industry data showing a build in U.S. crude stockpiles added to worries about oversupply.

* GOLD: Gold steadied near a more than eight-year high, as worries over surging COVID-19 cases and hopes of more stimulus measures from the U.S. Federal Reserve lifted demand for the safe-haven metal.

* The UK blue-chip index fell 1.5% on Tuesday, as a surge in U.S. coronavirus cases turned investors away from riskier trades.

* For more on the factors affecting European stocks, please click on:

TODAY’S UK PAPERS

> Financial Times

> Other business headlines (Reporting by Tapanjana Rudra; Editing by Shailesh Kuber)

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