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FTSE pauses after three-day rally as investors await trade moves

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By Reuters
FTSE pauses after three-day rally as investors await trade moves
Traders look at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson/Files   -   Copyright  SIMON DAWSON(Reuters)

(Reuters) – London’s FTSE 100 retreated on Wednesday after rallying more than 1% over the past two sessions as investors awaited new developments on the U.S.-China trade dispute, while mall operator Intu dropped on prospects of a cash call.

The FTSE 100 <.FTSE>, which had been holding at a near one-month highs this week, inched down 0.1% at 0812 GMT.

While the FTSE 250 midcap index <.FTMC> was more or less unchanged, Marks & Spencer <MKS.L> stood out with a 7% jump as investors focussed on the retailer’s like-for-like sales growth in food business over a plunge in first-half earnings.

Intu Properties <INTUP.L> slid 11.4% after saying it may need to raise additional cash and that letting activity slowed in the third quarter as some customers delayed decisions due to Brexit-driven uncertainty. It also forecast annual rental income to fall 9%.

Mothercare <MTC.L> shares shot up by 35% and were on course for their best day in nearly two decades. The baby products retailer shut all its UK stores and laid out plans to return the rest of the company to profitability by fiscal 2021.

(Reporting by Muvija M, Shashwat Awasthi and Indranil Sarkar in Bengaluru; Editing by Saumyadeb Chakrabarty)