Midcap index set for weekly declines
Weakening pound supports FTSE 100
Joules slumps on flagging annual loss
FTSE 100 down 0.3, FTSE 250 off 0.8

Aug 19 Reuters UK midcap stocks were set for their worst weekly performance since early July on Friday, while the bluechip index dipped after data showed consumer sentiment hit a record low in August amid a worsening costofliving crisis.

The FTSE 250 index, more exposed to the domestic economy, slid 0.8 and was on course for weekly losses of over 1.8. Airlines, industrials and retailers were among the worst performing stocks in the index.

The exporterheavy FTSE 100 slipped 0.3, with losses capped by sterling39;s tumble to a fourweek low.

British consumer sentiment in August fell to its lowest since at least 1974, a survey showed, as households feel a sense of exasperation about the soaring costs. 

Another set showed British shoppers spent more than expected in July as many were enticed by online shopping promotions. However, the numbers offered no respite for retail stocks, with the sector down 1.9 and longerterm trend looking dismal. 

The UK consumer hasn39;t necessarily felt the pinch yet. The big pinch is going to be the energy price, which is due to go up in October, said Jon Hudson, fund manager of the Premier Miton UK Growth Fund.

It39;s going to be very difficult for UK consumerexposed stocks and you39;d probably expect more earnings downgrades to come through, particularly over the winter.

Joules Group…