Defence giant BAE Systems axes almost 2000 jobs; pound boosted by industrial data but trade deficit widens
- FTSE 100 defence giant BAE Systems will axe almost 2,000 jobs amid a slowdown in orders for its flagship Typhoon jet
- Pound continues rally on currency markets as Theresa May steadies her position; nudges up 0.4pc to $1.3190
- Sterling boosted by industrial, manufacturing and construction sectors all beating expectations in ONS output figures; trade deficit widens in the three months to August by Â£6.2bn due to a switch from a surplus to a deficit on the balance of erratic commodities
- Markets await Catalan leader Carles Puigdemont's address to the region's parliament
Defence giant BAE Systems has axed almost 2,000 jobs amid a slowdown in orders for its flagship Typhoon jet.
The FTSE 100 firm said that the job losses, which were almost double the expected number, were to go as part of a restru cturing effort intended to streamline the business with analysts noting in the run-up to this morning's update that progress in its US division was likely to be offset in the future by its decelerating UK business.
The bulk of the losses are expected to affect BAE's Warton factory in Preston, Lancashire, and, after initially dropping on the news, the firm's shares are now largely unchanged.Source: Google News