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FTSE 100 rebounds as pound loses ground

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The UK’s stock market recovered from early losses while the pound dropped back below the $1.30 level.After spending much of the morning in negative territory, the benchmark FTSE 100 share index was up 23.26 points at 7,373.58 shortly after midday.Meanwhile the pound slipped back below $1.30 after figures showed a drop in UK households’ disposable income.The Office for National Statistics data also showed that the savings ratio had fallen to a record low.After trading at $1.3030 earlier in the morning, the pound then slipped back to $1.2971. Against the euro, sterling was unchanged at 1.1369 euros.On the stock market, shares in United Utilities fell 2% after Credit Suisse cut its rating on the stock to “underperform” from “outperform”.Outside the FTSE 100, shares in Game Digital dived 30% after the video games retailer issued a profit warning.The company said trading had been affected by lower than expected supplies of the Nintendo Switch console.
Source: BBC