UPDATE 2-London stocks slide as new coronavirus curbs dent mood

  • Reuters
  • Stock Market News
UPDATE 2-London stocks slide as new coronavirus curbs dent mood
Credit: © Reuters.

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* More English cities face tightest COVID-19 restrictions

* BoE expected to bolster bond-buying programme again

* EU-UK engaging 'intensively' to clinch a Brexit deal

* HSBC jumps on smaller-than-expected drop in quarterly profit

* FTSE 100 down 1.1%; FTSE 250 drops 1.5% (Adds comment; updates with closing prices)

By Devik Jain

Oct 27 (Reuters) - London stocks closed sharply lower for the second straight session on Tuesday as worries about fresh COVID-19 curbs across parts of England offset the impact of progress in Brexit talks and of positive results from Europe's biggest bank HSBC.

The blue-chip FTSE 100 index .FTSE slipped 1.1% in choppy trading, dragged lower by mining .FTNMX1770 , energy .FTNMX0530 and insurance .FTNMX8570 stocks.

The domestically-focussed FTSE 250 index .FTMC slid 1.5% with shares in online trading platform Plus500 Ltd PLUSP.L falling 8.2% to the bottom of the index on a dour outlook. over a Brexit trade deal and concerns about the financial fallout from coronavirus-related restrictions have pressured British markets this month, with data also pointing towards a faltering economic recovery.

The latest industry survey showed Britain's retail sales this month fell to the lowest level since June, after hitting an 18-month high in September. the latest round of restrictions, Warrington in northwest England was placed on the highest Tier 3 alert level, while Nottingham in central England and three nearby towns would have similar restrictions from Thursday. recent months, the stock market rally has been driven by easy monetary policy, fiscal stimulus measures and positive developments in the fight against the COVID-19 pandemic," said Milan Cutkovic, market analyst at Axi.

"Removing one of those pillars could leave markets on shaky ground."

The Bank of England is expected to ramp up the size of its asset purchase programme by a further 100 billion pounds on Nov. 5 to support a struggling economy, a Reuters poll of economists found. the European Commission said the European Union and Britain are engaging intensively to clinch a Brexit deal on their future relationship. a bright spot, Asia-focussed HSBC Holdings Plc HSBA.L jumped 3.4% after it signalled a pandemic-induced overhaul of its business model. Publishing Plc BLPU.L gained 18.1% after the Harry Potter publisher posted higher first-half profit and resumed dividend payments.

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