FTSE falters as Brexit hopes lift pound, offsetting good trade signals

  • Reuters
  • Stock Market News
FTSE falters as Brexit hopes lift pound, offsetting good trade signals
Credit: © Reuters.

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* FTSE 100 down 0.4%, FTSE 250 up 0.3%

* Brexit deal hopes lift sterling, hit exporters

* WPP, Burberry fall after European rivals cut forecast

Oct 11 (Reuters) - Britain's exporter-heavy FTSE 100 lagged a trade sentiment-induced rally in global stocks on Friday, as hopes that a Brexit deal may be clinched by the end of the month lifted the pound and hit international firms.

The blue-chip index .FTSE shed 0.4% with exporter stocks such as Diageo DGE.L and Unilever ULVR.L dragging the most, as sterling firmed after Ireland sounded optimism on the chances of Britain leaving the European Union in an orderly fashion. The mid-cap FTSE 250 .FTMC added 0.3% by 0702 GMT.

The index lagged the broader European benchmark .STOXX , which rose after U.S. President Donald Trump stirred hopes of a trade agreement with China, calling the first day of talks "very good".

The main index was also hurt by a near 4% drop in ad firm WPP WPP.L after French rival Publicis PUBP.PA cut its sales view for the second time, and a 3.4% fall in luxury brand Burberry BRBY.L after German rival Hugo Boss BOSSn.DE cut its annual forecast.

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