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Market Report: Yo-yoing FTSE 100 heads lower again, Whitbread sees subdued reopening in London

Headlines from the Proactive UK newsroom.

The FTSE 100 retreated on mild profit taking after yesterday’s big gains and a pause for breath by Asian markets. The blue chip index shed 60 to 6,225.

JD Sports Fashion PLC(LON:JD.) is to beef up its main warehouse, near Manchester, as it expects a permanent shift of demand online following the coronavirus pandemic. The ‘athleisure’ retailer said it is “very clear” that customer footfall will remain subdued for the foreseeable future.

Internet sensation TikTok has told the BBC it will quit Hong Kong following China’s new security laws. The company's exit from the city will come "within days," according to reports.

Whitbread says it has seen a subdued reopening in London and other cities though traditional tourist destinations are faring much better. The Premier Inn and Beefeater group has reopened 270 hotels and 24 restaurants with the rest to follow throughout July.

Reach, the owner of the Daily Mirror and the Daily Express, is to cut 12% of its workforce to cope with the pandemic downturn. Around 550 people will lose their jobs after revenues fell 30% in the quarter to June.

Seeing Machines (LON:SEE) has welcomed the passing in the US House of Representatives of the ‘Moving Forward Act’, a new automotive safety bill. The company expects the legislation to boost its own driver monitoring system (DMS) technology.

Collagen Solutions PLC (LON:COS) has inked a new three-year agreement with NovaBone Products, which produces US FDA-cleared synthetic bone grafts. NovaBone has been a customer of Collagen’s since 2015.

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