FTSE struggles to shake off gloom, Watches of Switzerland sinks

The midcap FTSE 250 index edged up 0.1% after closing at a five-week low on Wednesday. Watches of Switzerland tumbled 28.1%, by the most on record, after the retailer of luxury watches slashed its annual revenue forecast as economic headwinds prompted consumers to rein in spending. Its stock was the biggest decliner among FTSE 250 constituents. Flutter climbed 9.4% after the online betting giant posted a 15% rise in fourth-quarter revenue.

The UK's main stock indexes struggled on Thursday to recover from a three-day slump, driven by concerns about interest rate cuts coming later than expected, while shares of Watches of Switzerland fell after a bleak forecast.

The exporter-heavy FTSE 100 was flat by 0808 GMT, hovering near a seven-week low hit in the previous session, when a slew of economic data and hawkish comments from central bank policymakers dampened the mood. The midcap FTSE 250 index edged up 0.1% after closing at a five-week low on Wednesday.

Watches of Switzerland tumbled 28.1%, by the most on record, after the retailer of luxury watches slashed its annual revenue forecast as economic headwinds prompted consumers to rein in spending. Its stock was the biggest decliner among FTSE 250 constituents.

Flutter climbed 9.4% after the online betting giant posted a 15% rise in fourth-quarter revenue. Ladbrokes owner Entain rose nearly 3%.