The giants of online clothing, Asos and Boohoo, collapse in the face of fiscal repression.

<pre><pre>The giants of online clothing, Asos and Boohoo, collapse in the face of fiscal repression.

Online giants, Asos and Boohoo, collapsed as fiscal repression loomed.

Chancellor Philip Hammond said he wanted to take action to help High Street level the playing field with online competitors with more than 50,000 retail jobs lost so far this year.

Critics say that Internet giants have an unfair advantage by paying less in business rates and, in the case of some international companies, exchanging cash abroad.

ASOS (models on the left) and Boohoo (models on the right) face fiscal repression.

Hammond said: "We want to ensure that taxes are fair between companies that do business in a traditional way and those that do business online.

"The EU has been talking about a tax on online platform companies based on the value generated, which is certainly something we would be willing to consider."

Boohoo, based in Manchester, dropped 203.9 pence almost as soon as Hammond's comments were published around lunchtime. They stabilized to close 2 percent, or 4.05 p at 199.85p.

The London-based firm closed with a decline of 0.8 percent, or 50 pence, to 6172 pence.

High Street rival Debenhams rose 1 percent, or 0.12 pence, to 11.64 pence as its biggest shareholder, Mike Ashley, took out House of Fraser and speculation of a merger grew.

Analyst Neil Wilson said: "Are we about to see the House of Debenhams? Or maybe it will be renamed Ashley's House. This seems to be the only viable solution; combining operations to reduce overhead and stop competing with each other. "

The FTSE 100 fell 74.76 points, or 0.97 percent, to 7667.01, despite a weaker pound, which is normally compatible with the index.

Rolls-Royce was also depressed after a critical note from JP Morgan.

Rolls-Royce was also depressed after a critical note from JP Morgan.

Rolls-Royce was also depressed after a critical note from JP Morgan.

Russian steelmaker Evraz, with a 9 percent drop, or 50.4 pence, to 510 pence, was one of the biggest declines due to nervousness over US sanctions against Russia for poisoning by Sergei Skripal, announced this week.

Other miners exposed to Russia also fell with Polymetal by 2.3 percent, or 15.6 p, to 654.2 p, and Kaz Minerals by 1.4 percent, or 8.8 p, to 612.4 p. The miners fell sharply in all areas as the dollar strengthened to its highest point in 12 months, affecting copper prices.

Anglo American fell 2.6 percent, or 44 pence, to 1667.6 pence, as BHP Billiton fell 1.4 percent, or 24 pence, to 1696 pence. Glencore fell 2.7 percent, or 9.05 p, to 321.15 p, and Rio Tinto dropped 2 percent, or 78.5 p, to 3803 p.

Rolls-Royce was also depressed after a critical note from JP Morgan, which downgraded the underweight and reduced its target price from 965p to 840p.

The aircraft engine manufacturer has been struggling with problems with its Trent 1,000 engines that deteriorate faster than expected. Analysts at JP Morgan said: "In relation to other civil aerospace actions that we follow, we believe that Rolls-Royce now offers investors a less attractive risk reward.

"He's currently dealing with a £ 1.5billion cost overrun related to the Trent 1000, he's increasing production in many new programs, all while planning to cut his workforce by 9 percent from 2018-20."

Travel agent Tui, with a 1.5 percent gain, or 23p, to 1565.5p, had a better day, repairing losses since Thursday when it registered a 7.5 percent drop driven by the control strikes of air traffic in June.

Cruise ship operator Carnival also rose 2 percent, or 92 p, to 4623 p.

Ryanair fell 3.7 percent, or € 0.5, to € 12.98, with a flight of six canceled yesterday amid strikes over wages and conditions.

At the junior end, the Yellow Cake investment fund rose 0.6 percent, or 1.25 pence, to 225.25 pence after announcing it had bought 350,000 pounds of Kazatomprom uranium for 6.3 million pounds. sterling He plans to store it in Canada and now owns 8.4 million pounds of material used for nuclear energy.

Bosses believe that uranium has a lower price and that they can make a profit when it increases.

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