U.K. stocks closed with a tiny gain on Tuesday, with shares of Whitbread PLC keeping a lid on gains after the company’s earnings report sparked concerns about its coffee chain Costa. The FTSE 100 index rose less than 0.1% to end at 7,526.54, delivering a third straight session featuring a move smaller than 0.1%. The muted trade came as traders absorb the earnings season and developments in the U.K.’s Brexit talks with Brussels. U.K. Prime Minister Theresa May on Monday sought to reassure lawmakers that there is a “degree of confidence” that progress will be made in the divorce proceedings before the next EU summit in December. Her comments come after EU leaders at a summit last week decided that insufficient progress has been made to move talks along to the second phase, which would cover important trade agreements. Earnings: Shares of Whitbread PLC lost 4.8% on Tuesday after reporting an overall rise in revenue, but a slowdown in like-for-like sales growth for its Costa high-street coffee chain.
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Another session of indecision from the FTSE as the index struggles to overcome the major resistance level. A small bearish channel has formed which could potentially form a bullish flag. The signals remain difficult to interpret for now. We continue to maintain a balance of longs and shorts.