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Weak earnings hit FTSE 100, Crest warning drags homebuilders

Weak earnings hit FTSE 100, Crest warning drags homebuilders
Traders are seen at work at Northern Trust offices in London, Britain August 1, 2019. REUTERS/Toby Melville/Files -
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TOBY MELVILLE(Reuters)
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(Reuters) – London’s main stock index lagged its European counterparts on Thursday as disappointing earnings reports from heavyweights Shell and Lloyds took investor focus away from the U.S. Federal Reserve’s decision to cut interest rates again.

The FTSE 100 <.FTSE> was down 0.4%, with its most valued company, Shell <RDSa.L>, dropping 3.2% after reporting a plunge in profits and flagging that uncertain economic conditions could slow its $25 billion share buyback plan.

The market’s midcap index <.FTMC> was flat by 0811 GMT.

Lloyds <LLOY.L>, another bluechip, fell 2.9% after missing market expectations for third-quarter earnings, while a near 10% drop in midcap-listed homebuilder Crest Nicholson <CRST.L> after a profit warning dragged down its peers.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; Editing by Arun Koyyur)

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