Sharecast - The FTSE 100 was down 0.6% at 7,372.96, having taken its opening cue from downbeat sessions in the US and Asia.
Victoria Scholar, head of investment at Interactive Investor, said: "All eyes are on the ECB’s rate decision later today when the central bank is seen keeping rates on hold. Amazon (NASDAQ:AMZN) is the next tech giant due to report later today and US quarterly GDP figures are also due which should provide clues into the resilience of the US economy."
The ECB announcement is at 1315 BST, while Q3 US GDP figures are due out at 1330 BST.
On home shores, the latest survey from the Confederation of British Industry showed that retail sales volumes tumbled in October, as higher interest rates and cost of living pressures continued to weigh heavily.
According to the Distributive Trades Survey, the retail sales balance fell to -36 from -14 in the year to September, the sixth consecutive monthly fall.
It was also the worst October reading since 2017, which at the time was the lowest since records began in 1983.
Sales volumes were also judged to be poor for the time of year, at -10, with a balance of 27 reported stocks as being too high relative to expected sales.
Internet sales also struggled, as volumes plunged to -78 from -3 a month previously. It was the fastest pace of decline since the question was added to the monthly survey in August 2009.
Martin Sartorius, principal economist at the CBI, said: "As the festive period approaches, the retail sector remains in a perilous position.
"Sales volumes have been falling year-on-year for six months in a row, as cost of living pressures and higher interest rates weigh on consumer spending.
"Retailers expect the downturn in sales to continue next month, albeit at a slower pace. While slowing inflation should help to bolster households’ income in the coming months, retailers will continue to face headwinds from higher energy and borrowing costs."
In equity markets, Standard Chartered (LON:STAN) tumbled after it posted a drop in third-quarter pre-tax profit, as it took a hit from its exposure to the Chinese property and banking sectors.
In the three months to the end of September, pre-tax profit fell to $633m from $1.4bn a year earlier. Analysts were expecting pre-tax profit of $1.44bn.
The bank said credit impairment charges in the quarter were $294m, up $62m on the same period a year earlier, and $186m of which related to the Chinese commercial real estate sector.
In addition, StanChart said it reduced the carrying value of its investment in China Bohai Bank by $697m. This reflected subdued earnings and a challenging macroeconomic outlook, it said.
Richard Hunter, head of markets at Interactive Investor, said: "China remains both a blessing and a curse for Standard, with the country’s faltering economic recovery weighing heavily on these results.
"The currently parlous state of developments in China are an inevitable concern, although Standard is adequately capitalised to withstand such challenges.
"Indeed, in the medium and longer-term the Chinese economy should provide some significant opportunities, and in a region where the bank has a well-established and trusted presence. Despite any disappointment which this latest update has delivered, the market consensus of the shares as a cautious buy encapsulates both current challenges and future prospects."
WPP (LON:WPP) slumped after it cut its full-year guidance as technology clients continued to curtail spending. The advertising firm, the world’s largest, reported a 5% fall in third-quarter net revenues, to £2.84m. On an underlying basis, revenues fell 0.6%.
The blue chip also more than halved its forecast for annual net revenue to between 0.5% and 1%, from previous guidance for between 1.5% and 3%.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown (LON:HRGV), said: "Communications and advertising giant WPP’s engines have stalled again. Usually high-spending technology clients in North America have applied the brakes amid an uncertain economic backdrop. China’s also dragging performance down as the macro environment doesn’t lend itself to loose corporate spending. This has culminated in another reduction in full year expectations. While seeing growth go into reverse isn’t ideal, it’s not wholly unexpected given that advertising activity is a clear-cut barometer of the economy.
"WPP is doing what it can to combat these challenges, including consolidating and streamlining its offering. That could mean the business that emerges from all this could be stronger than what it started with, but there are considerable speed bumps to traverse first. As the digital world transforms at pace, this giant will have to move as nimbly as it can if it wants to thrive."
Unilever (LON:ULVR) was also weaker as the consumer goods giant laid out plans to boost growth and posted a dip in third-quarter revenues.
Market Movers
FTSE 100 (UKX) 7,372.96 -0.56%
FTSE 250 (MCX) 16,808.02 -0.37%
techMARK (TASX) 4,001.43 -0.30%
FTSE 100 - Risers
Ocado Group (LON:OCDO) 479.00p 4.13%
Compass Group (LON:CPG) 2,102.00p 2.74%
Fresnillo (LON:FRES) 540.20p 1.54%
Sainsbury (J) (SBRY) 256.00p 1.47%
Frasers Group (FRAS) 801.00p 1.39%
National Grid (LON:NG.) 988.20p 1.21%
Smith (DS) (SMDS) 272.30p 1.19%
Imperial Brands (LON:IMB) 1,751.50p 0.86%
Taylor Wimpey (LON:TW.) 107.30p 0.85%
Vodafone Group (LON:VOD) 74.51p 0.83%
FTSE 100 - Fallers
Standard Chartered (STAN) 645.00p -9.66%
Rentokil Initial (LON:RTO) 422.00p -7.17%
B&M European Value Retail S.A. (DI) (BME) 537.00p -3.00%
Unilever (ULVR) 3,899.00p -2.85%
WPP (WPP) 675.00p -2.32%
Intertek Group (LON:ITRK) 3,901.00p -2.21%
Scottish Mortgage Inv Trust (SMT) 638.60p -1.90%
Airtel Africa (AAF) 111.20p -1.59%
Smith & Nephew (SN.) 903.60p -1.55%
St James's Place (STJ) 601.40p -1.54%
FTSE 250 - Risers
Hipgnosis Songs Fund Limited NPV (SONG) 77.90p 3.87%
Greencoat UK Wind (UKW) 133.50p 2.46%
Inchcape (INCH) 659.50p 2.25%
Mobico Group (MCG) 60.05p 2.13%
Genuit Group (GEN) 266.50p 1.91%
SDCL Energy Efficiency Income Trust (SEIT) 57.90p 1.76%
Energean (ENOG) 829.00p 1.59%
Essentra (LON:ESNT) 145.80p 1.53%
Playtech (LON:PTEC) 375.60p 1.51%
Darktrace (LON:DARK) 345.60p 1.50%
FTSE 250 - Fallers
Vietnam Enterprise Investments (DI) (VEIL) 521.00p -4.05%
Wizz Air Holdings (LON:WIZZ) 1,565.00p -3.63%
TI Fluid Systems (TIFS) 112.80p -3.59%
Aston Martin Lagonda Global Holdings (AML) 208.00p -3.44%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 437.00p -3.00%
Allianz (ETR:ALVG) Technology Trust (ATT) 245.00p -2.78%
PZ Cussons (LON:PZC) 127.20p -2.75%
Dunelm Group (LON:DNLM) 983.50p -2.53%
Polar Capital Technology Trust (PCT) 2,130.00p -2.52%
Pacific Horizon Inv Trust (PHI) 511.00p -2.48%