Banks drag FTSE 100 lower as U.S. election race gets tight

  • Reuters
  • Stock Market News
Banks drag FTSE 100 lower as U.S. election race gets tight
Credit: © Reuters.

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* FTSE 100 down 0.2%, FTSE 250 adds 0.2%

Nov 4 (Reuters) - London's FTSE 100 slipped on Wednesday, with banks, commodity sectors bearing the brunt of a selloff as early results from the U.S. election showed a very tight race between Republican President Donald Trump and his Democratic challenger Joe Biden.

The blue-chip FTSE 100 index .FTSE was down 0.2%, while the domestically focussed mid-cap FTSE 250 .FTMC was up 0.2%.

Banks .FTNMX8350 and mining .FTNMX1770 stocks fell between 2.8% and 3.5% after leading a surge in UK stock markets earlier this week on bets of a decisive victory that could pave way for more economic stimulus.

Trump on Wednesday falsely claimed that he had won the election with millions of votes still uncounted after Biden said he was confident of winning a contest that will not be resolved until a handful of states complete vote-counting over the next hours or days. individual stocks, Marks & Spencer Group Plc MKS.L rose 0.9% after the retailer posted a smaller-than expected first-half loss as COVID-19 pandemic hammered its clothing sales.

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