The news moving markets in London today: London ticked down at the close on Wednesday as investors reacted to Chancellor Jeremy Hunt’s Autumn Statement.

The relatively muted reaction is a stark contrast to this time last year, when markets tanked following Liz Truss and Kwasi Kwarteng’s mini-budget.

The blue-chip FTSE 100 closed 0.2 per cent lower at 7,466.83, while the more domestically-aligned FTSE 250 rose 0.66 per cent at 18,469.07.

Markets are reacting to the Chancellor’s Autumn Statement today. Jeremy Hunt has announced 110 pro-growth measures, with ‘full expensing’ at the heart of his plans to boost UK investment.

The plans will, the Chancellor says, “back British business” and boost investment by £20bn a year.

He announced that full expensing will be made permanent at a cost of £11bn per year in what he called “the largest business tax cut in modern British history”.

Hunt said the Office for Budget Responsibility’s latest forecast expects headline inflation to fall to 2.8 per cent by the end of 2024, before falling to the government’s two per cent target in 2025.

Bond markets wobbled after the statement, with the yield on the benchmark 10-year gilt climbing as much as 0.08 per cent to 4.17 percent this afternoon.

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FTSE 100 news

BT shares leaped nearly seven per cent in their biggest one-day increase in more than nine months following the full expensing announcement.

Software firm Sage was the biggest winner on the index, surging more than 13 per cent at the close to its highest level ever after reporting strong results for the year ending 30 September, driven by a 25 per cent growth in its business cloud growth.

B&Q owner Kingfisher has once again lowered its profit guidance for the year, down from £590m to £560m as its struggling French arm continues to whack earnings. Shares sunk 6.5 per cent.

According to its third-quarter earnings, sales in the UK and Ireland climbed just over three per cent year-on-year to £1.5bn, while in France they slipped by eight per cent to £1.03bn.

Falling oil prices sent energy giants BP and Shell down 2.2 per cent and 2 per cent respectively.

Severn Trent revenues ticked up 9.7 per cent in the six months to 30 September as the company saw higher revenues from its regulated water and waste water business. The water group reported revenues of £1.2bn, up from £1.1bn this time last year. Shares ticked up 0.7 per cent.

Intermediate Capital Group is set to join the blue-chip index in December, replacing DIY investment firm Hargreaves Lansdown. Shares in the asset manager have rallied more than a third so far this year.

Market updates

Residential landlord Grainger has announced a new build-to-rent partnership with Network Rail and the property developer Bloc Group to deliver 2,000 homes across Britain.

The UK’s largest listed residential landlord said in a statement that the collaboration would develop purpose-built rental homes at sites across six major cities.

Market data at 4:40pm in London: Brent crude was down 3.86 per cent at $79.27. The pound was trading 0.65 per cent lower against the dollar at $1.246 and down 0.22 per cent against the euro at 1.146. Gold was down 0.33 per cent at $1,992.90 an ounce and silver was down 0.71 per cent flat at $23.63.

The S&P 500 was up 0.39 per cent to 4,556, while the Nasdaq rose 0.54 per cent to 14,276.