UPDATE 2-UK market lags global stocks on mounting Brexit fears

  • Reuters
  • Stock Market News
UPDATE 2-UK market lags global stocks on mounting Brexit fears
Credit: © Reuters.

* FTSE 100 up 0.3%, FTSE 250 down 0.2%

* Domestic stocks down on Brexit worries

* GVC gains after forecast upgrade

* Just Eat tops blue-chip risers (Adds news items, updates share moves)

By Muvija M and Shashwat Awasthi

Oct 9 (Reuters) - British shares lagged global markets on Wednesday as fears of damage from Brexit outweighed reports of China being open to a partial trade deal with the United States. FTSE 100 .FTSE , whose components make two-thirds of their earnings abroad, added 0.3% but trailed Wall Street and European markets as blue-chip housebuilders and retailers fell.

The FTSE 250 index .FTMC , which has a greater domestic exposure, ended 0.2% lower.

Supermarket chains Sainsbury's SBRY.L and Tesco TSCO.L lost 2.2% and 1.1%, respectively, while homebuilder Persimmon PSN.L lost nearly 2% as a crucial deadline in the long-drawn out Brexit process looms.

Prime Minister Boris Johnson has repeatedly said that Britain will leave the European Union on Oct. 31 with or without a deal, leaving markets braced for a Brexit showdown.

Among the gainers, London Stock Exchange Group (LSE) LSE.L added 3.2% to top the FTSE 100 leader-board, recouping some of the steep losses seen in the last session when Hong Kong Clearing and Exchange 0388.HK abandoned takeover plans.

Just Eat JE.L climbed 1% after orders at its Dutch rival Takeaway.com TKWY.AS surged. sector stocks .FTNMX8350 rose 0.6%. They have fallen 6% since the start of 2019, lagging a near 7% rise in the FTSE 100 over the same period and the only major sector with year-to-date losses.

The recovery comes ahead of the release of minutes from the U.S. Federal Reserve's last meeting, which could provide further insight on how far it will go to prevent a slowdown.

GVC GVC.L outperformed the midcap index with a 5.1% jump as the Ladbrokes (LON: LCL ) owner boosted its annual core earnings target for the second time in three months on robust demand in its betting shops, despite tighter regulation. news helped rival William Hill WMH.L gain 1%.

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