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* All eyes on U.S. presidential election race
* Differences remain with UK on Brexit deal - EU negotiator
* Provident Financial jumps on upbeat 2020 outlook
* FTSE 100 up 1.7%, FTSE 250 adds 1.7%
(Adds comment; updates to close)
By Devik Jain
Nov 4 (Reuters) - London's FTSE 100 jumped on Wednesday as a
weaker pound boosted shares of exporters, although investors
remained cautious on prospects of a contested outcome as the
race to White House headed for a photo-finish.
After falling nearly 1.3% in the morning trade, the
blue-chip FTSE 100 index closed 1.7% higher in a
volatile session, boosted by dollar earners such as AstraZeneca
Plc, Experian Plc and Rentokil Initial Plc
.
Bank and mining stocks fell after
leading a surge earlier this week on bets that a decisive
Democratic victory could pave the way for more economic
stimulus.
The excruciatingly close U.S. presidential election hung in
the balance, with a handful of closely contested states set to
decide the outcome in the coming hours or days, even as
President Donald Trump falsely claimed victory and made
unsubstantiated allegations of electoral fraud.
"The risks of a protracted contested election outcome appear
significant and the market is likely to be most concerned by
genuine uncertainty on the vote margin rather than political
uncertainty relating to a refusal to concede," Deutsche Bank
currency analyst George Saravelos said.
"The margins on numerous key states are very narrow or
uncertain leading to a risk of protracted recount and litigation
battles".
The mid-cap FTSE 250 ended 1.7% higher even as
European Union's negotiator told EU envoys that differences
remained on key issues with Britain on Brexit-trade deal.
Separately, financial data company IHS Markit said Britain
was heading for double-dip recession this winter as business
surveys show economic growth almost halted last month even
before the latest England-wide lockdown was announced.
Investors now looked forward to the Bank of England monetary
policy meeting on Thursday morning at 0700 GMT.
Provident Financial Plc rose 5%, after the doorstep
lender said collection performance in its home credit business
has now aligned with pre-pandemic levels, with the company set
to meet market expectations for this year.
Marks & Spencer Group Plc gained 4.9%, after the
retailer posted a smaller-than-expected loss for the first half.
(Reporting by Devik Jain in Bengaluru; Editing by Shailesh
Kuber, Anil D'Silva and Sandra Maler)
