VIENNA (dpa-AFX) - U.K. shares are retreating on Monday as the ECB meeting looms and investors mulled over the impact of a sharp fall in the value of the pound on inflation.
The pound sterling remains softer against the euro in European trade as investors ponder the political uncertainty and risks about the economic impact of Brexit.
The benchmark FTSE 100 is currently down 61 points or 0.87 percent at 6,952 in midday trading after rising half a percent on Friday.
Shares of Pearson are tumbling over 10 percent as the publishing and education company reported a 7 percent decline in underlying organic sales during the first nine months of the year.
Royal Mail is losing almost 2 percent after most of its employees rejected an opportunity to sell their shares.
Housebuilders are broadly lower, with Taylor Wimpey, Persimmon and Barratt Developments declining 1-2 percent.
Globally, Asian stocks recovered from early losses to end mixed today, while U.S. stock futures indicate a lower open.
Oil prices dipped slightly and London copper prices held above a one-month low, while gold traded flat to slightly higher to hover near four-month lows.
Copyright RTT News/dpa-AFX