The FTSE 100 opened Wednesday in negative territory. US debt ceiling talks have stalled, which have sparked fears of a US default.
In corporate news, JD Sports reported an uptick in pre-tax profits for the year to £991mln. However, the retailer remained cautious due to prevailing headwinds such as the macro-economic situation.
British Land, the owner of landmark developments in the City and Paddington, swung to an annual loss of over £1bn. The property group lamented a slump in valuations because of interest rates and broader economic concerns.
Elsewhere, Watches of Switzerland saw shares slump after it said the ‘challenging trading environment’ seen in the past-half year is expected to continue in the coming six months.
Among the small caps, Oxford Cannabinoid said it received approval for a phase 1 trial in the UK for its lead pain relief drug candidate. Participant enrolment it said will begin immediately.