Banks and commodity-related stocks led London’s FTSE 100 index lower

The premium FTSE 100 is down 1.0%, while the more locally focused FTSE 250 is down 1.2% at 0709 GMT.

The energy and mining sectors fell 1.5% and 1.7%, respectively, as a strong dollar weighed on metal prices, while a drop in oil supply caused by Hurricane Ian weighed on crude prices. [O/R] [MET/L]

The International Monetary Fund, which rescued the British economy in 1976, made it clear that fiscal policy should not work against monetary policy in this economic circumstance.

Moody’s said the large unfunded tax cuts were “credit negative” for the UK, and also called into question the credibility of the government’s fiscal strategy.

Economically sensitive bank shares were down 2.2%.

Retailers fell 2.1%, with online fashion retailer Boohoo down 4.7% after cutting its full-year forecast, citing a deteriorating overall economy and consumer environment.

Burberry Group rose 2.6% after it announced that Danielle Lee will become the new creative director to replace Riccardo Tisci, who is stepping down.

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