London stocks open lower following global downturn; Dr. Martens shines

In corporate updates, shares in Topps Tiles fell 3.4% after the tile retailer flagged subdued demand in the domestic repair and maintenance sector in 2024, with lower volumes impacting its half-year profit. Keeping losses in check, Dr. Martens climbed 5.3% following a Reuters report that investment firm Marathon Partners Equity Management had called on the boot maker to initiate a strategic review that could lead to a sale.

British stocks opened lower on Wednesday, mirroring a global market retreat as investors weighed chances of a more cautious approach to interest rate reductions, while Dr. Martens rose on scope for a strategic review.

By 7:15 GMT, both the internationally-exposed FTSE 100 and the more UK-centric FTSE 250 were down 0.2%, following a weaker close on Wall Street in the previous session. In corporate updates, shares in Topps Tiles fell 3.4% after the tile retailer flagged subdued demand in the domestic repair and maintenance sector in 2024, with lower volumes impacting its half-year profit.

Keeping losses in check, Dr. Martens climbed 5.3% following a Reuters report that investment firm Marathon Partners Equity Management had called on the boot maker to initiate a strategic review that could lead to a sale. The broader personal goods index jumped 1.1% on the news, leading sectoral gains.

Later in the day, Federal Reserve Chair Jerome Powell is set to speak, which could offer fresh clues into the U.S. central bank's rate cut timeline.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)