FTSE 100 opens lower as stronger pound weighs

British wages excluding bonuses were a record 7.8% higher than a year earlier in the three months to June, adding to worries for the Bank of England about long-term inflation, which could keep interest rates elevated for longer.

The benchmark FTSE 100 index was down 0.2%, while the pound rose as much as 0.28% to USD 1.2720, right after the data.

Mid-cap stocks rose 0.1%, with British retailer Marks & Spencer jumping more than 8%.

M&S raised its profit outlook, saying it was continuing to win market share in both its clothing, home and food businesses.

Retailers’ stocks rallied over 1%, leading sectoral gains.

(Reporting by Siddarth S in Bengaluru; Editing by Rashmi Aich)