Afternoon Markets: FTSE down thanks to dire retail forecasts

The FTSE is trading at 1.05% lower as retailers struggle to make an impact on major world indices. ...

The FTSE is trading at 1.05% lower as retailers struggle to make an impact on major world indices. The blue-chip index is trading at 5358.70 and is struggling to make headway despite futures pointing to a rally by US shares when Wall Street opens. However, oil-related groups are up on Opec’s announcement that it will cut output, led by Cairn and Petrofac, leaving ITV a possible casualty in the latest FTSE 100 reshuffle. Next is lower after interim profits fell by 12.4% to £173.5m on sales down slightly at £1.5bn. The retail firm does not expect a recovery in consumer spending during th...