UK Midcap Index Hits Three-Month Low Amid CMC Markets Downturn

The UK's midcap index fell to a three-month low after CMC Markets disappointed investors, causing a significant market downturn. JD Sports Fashion also saw a sharp decline after issuing a profit warning. While the FTSE 100 displayed resilience, broader global market pressures persist, particularly influenced by Nvidia's forecast.

The UK's midcap index has plunged to its lowest level in three months, driven by a less-than-encouraging update from CMC Markets. The trading platform's stock saw a sharp 15% decline after disappointing forecasts, making it the worst performer among the FTSE 250 components.

Adding to market woes, sportswear giant JD Sports Fashion experienced a steep 12.2% drop. The retailer issued a profit warning, citing a difficult October marked by aggressive discounting, unseasonably mild weather, and cautious consumer spending, threatening its annual profit targets.

While the FTSE 100 managed a 0.4% rise, aided by Halma's strong performance, global stock markets faced pressure from Nvidia's uninspiring revenue growth forecast. Meanwhile, new data on Britain's borrowing underscored the fiscal challenges facing officials as inflation rates remain above target, impacting investor expectations on interest rate adjustments.

(With inputs from agencies.)