Economic news

FTSE Inches Lower amid Global Caution; M&S Slips on Cost Warning

  • FTSE 100 down 0.3%, FTSE 250 off 0.3%

Nov 9 (Reuters) - UK's blue-chip shares edged lower on Wednesday amid a cautious global mood as investors awaited the outcome of U.S. midterm elections, while Marks & Spencer fell after the retailer warned of higher costs.

The export-oriented FTSE 100 fell 0.3% by 0829 GMT, while the domestically-oriented FTSE 250 also shed 0.3%.

Global markets were subdued as investors braced for U.S. inflation data due this week and eyed results of midterm polls that could signify a power shift in Washington.

In the UK, travel and leisure stocks led declines after pub group J D Wetherspoon slipped 3.7% after warning that its sales had slowed in October.

Marks & Spencer dropped 1.2% as it warned of a "gathering storm" of higher costs and pressure on household budgets, and reiterated full-year profits would fall. The broader retail index slipped 0.5%.

Broadcaster ITV fell 4.4% as it forecast slightly lower ad revenue for 2022 despite a FIFA World Cup boost in the key Christmas quarter, and flagged a high degree of economic uncertainty.

Reporting by Johann M Cherian in Bengaluru; editing by Uttaresh.V

Source: Reuters

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