Wednesday, November 7: The FTSE 100(+1.09%) bounced back today lifted by U.S. midterm elections which proceeded as markets expected.  This provided welcome relief for investors currently tangling with Italian budget woes, U.S.-China trade relations and Brexit. The sentiment was mirrored on the continent with good gains for German and French indices.

ITV(-2.78%) slipped intraday after announcing revenue is expected to fall in the final quarter, despite robust revenue growth in the first nine months of 2018. The FTSE 100 firm delivered 6% year-on-year revenue growth in external revenue, with income from advertising 2% higher to £1.29bn to the end of September. Broadcast and online revenues rose 2% to £1.51bn, whilst the Group continued to gain traction with its content – posting growth in revenues of 10% to £1.11bn in ITV Studios. However, revenue from advertising is expected to be 3% lower in Q4 and flat over the duration of the year.

Wetherspoons(-9.69%) dragged the FTSE 250 lower despite announcing LFL sales growth of 5.5% for Q1 and total sales which were +6.2%. Despite a buoyant start to the year, management reigned in guidance for FY2019 with the expectation of an annual trading outcome “slightly below” that achieved in the previous financial year, spooking investors. Chairman Tim Martin announced pay rises were on the way for employees this week as the labour market continues to remain tight, but said that there were no plans for cost recovery as yet.

At the close European equities were higher with the FTSE 100 +1.09 %, the CAC 40 +1.24% and the DAX 30 +0.83%.