DAILY TRADING STRATEGY

Wednesday, Nov 08

UK OVERVIEW

U.K. blue-chip stocks closed lower Tuesday, pulling back from a record made in the prior session, as shares in retailers declined following downbeat industry sales figures. Security services firm G4S PLC’s shares was the FTSE 100’s biggest loser in the wake of its lowered guidance. The FTSE 100 index dropped 0.7% to end at 7,513.11, falling from Monday’s record finish at 7,562.28. The pound fetched $1.3141. That was down from $1.3171 on Monday, when the sterling climbed 0.7% against the dollar, according to FactSet data. Retail sales rose 0.2% in October, the slowest rate of growth since May, according to figures from the British Retail Consortium and KPMG. Retail stocks fell after the data, which KPMG said should cause concern ahead of the Christmas shopping season. “October marked yet another reversal of fortunes for retailers, reinforcing just how volatile consumer spend has been,” said Paul Martin, head of retail at KPMG, in a statement. “Despite the positive picture last month, these latest figures will be a real disappointment and not the start to the golden quarter retailers had hoped for,” he said. 


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