- With US stocks failing to make any kind of recovery the FTSE 100 gave back its earlier modest gains to trade 1.1% lower at 5,728.99.

By 4.30pm UK time the S&P 500 was down slightly at 3,397.82 with a weak reading of consumer confidence not helping sentiment.

Oil major BP surrendered earlier gains to trade 2.1% lower at 195.74p after it swung to a modest third-quarter profit that beat market expectations.

HSBC, meanwhile, rallied 3.4% to 330.1p, as it reported a 36% drop in third-quarter profit that nevertheless beat market expectations.

The bank also said its credit loss charge for the full year was currently trending towards the lower end of its previous $8b billion-to -$13 billion guidance range.

Premier Inn hotel chain owner Whitbread fell 2% to £22.00 as it swung to a £725 million first-half loss and scrapping its dividend after the Covid-19 pandemic devastated the hospitality sector.

In an ominous sign, Whitbread said it had seen another slowdown in demand due to recent regional lockdowns and more home-based working.

Budget airline EasyJet fell 3% to 504p after it sold and leased back a number of its aircraft, raising around £306 million to bolster its balance sheet.

Wealth manager St James' Place shed 0.5% to 924.8p on announcing that its funds under management for the third quarter had risen 5.2%.

St James' Place, which is facing calls from an activist investor to cut costs, said its net inflows during the quarter amounted to £1.44 billion, down from £2.11 billion year-on-year.

Online contracts-for-difference broker Plus500 fell 8.2% to £14.89, even as its operating earnings almost doubled in the third quarter as heightened market volatility encouraged more punters to place bets.

But there was no upgrade for the full year: Plus500 said its annual revenue and earnings were still expected to be in line with current analysts' consensus forecasts.

Fashion retailer Quiz dipped 1.2% to 7.12p as it swung to a £29.4 million loss for the year through March and saying trading had deteriorated even further since due to the pandemic.

Quiz said its sales for the six months to 30 September 2022 had tumbled 73% to £17.2 million.

Cocktail bar owner Revolution Bars was down 2.3% at 9.67p after it launched a company voluntary arrangement to reduce the size of its estate and rental cost base. Under the CVA, it would exit six bars and obtain materially improved rental terms on seven others.

Revolution Bars also said the latest government restrictions clouded its outlook and that it now expected the important Christmas trading period to be 'severely compromised'.

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