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FTSE 100 down 0.1%, FTSE 250 flat
Personal goods index lead sectoral declines
Crest Nicholson cuts profit view again, shares fall
PageGroup down on FY profit forecast cut
UK data this week – CPI, retail sales, labour market report
Updated at 9:29 GMT
By Khushi Singh
Jan 15 (Reuters) –The UK’s benchmark FTSE 100 reversed early gains to fall on Monday, hurt by a sell-off in luxury and bank stocks, while lacklustre corporate earnings forecasts weighed on the FTSE250 shares.
The blue-chip FTSE 100 .FTSE rose 0.2% before paring the paring the gains and falling0.1%, as of 0929 GMT, while the midcap FTSE 250 index .FTMC was flat.
Personal goods <.FTNMX402040> index fell 2.1%, with Burberry BRBY.L extending losses by declining 2.9%, after the luxury retailer warned of aworsening slowdown in demand for luxury goods last week.
Top performer non-life insurers <.FTNMX303020> gained 1.1%, while banks .FTNMX301010 fell 1.7%, heading for a five-day losing streak.
Lender HSBC HSBA.L lost 2.3% after Exane downgraded the stock, citing margin headwinds.
Investors are awaiting British consumer price inflation data and retail sales figures for December, both of which aredue later this week, for more clarity on potential interestrate cuts.
The Bank of England seems tobe a relatively hawkishoutlier compared tothe Federal Reserve and the EuropeanCentral Bank as theystuck to theirhigher-for-longer policy rhetoric.
Across the Atlantic, investors will closely monitor the businessactivity data for Januaryand December retail sales from the U.S.
Shares of PageGroup PAGE.L fell 2.5% after the global recruiter trimmed its annual profit forecast.
“PageGroup is putting a brave face on a difficult jobs market, but it’s clearly a real struggle as employers around the world turn cautious amid the uncertain economic climate,” Hargreaves Lansdown analysts said.
Crest Nicholson CRST.L was among the bottom performers on theFTSE 250 after the homebuilder cut its annual profit forecast, taking the shares down 4.5%.
Meanwhile, the average asking prices forBritish homes made the strongest start to the year since 2020, according to an industry survey that showed the slowdown in the sector could be easing as demand picked up in January.
The real estate .FTUB3510 index wasup 0.4%.
Reporting by Khushi Singh in Bengaluru; editing by Eileen Soreng and Dhanya Ann Thoppil
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