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| FTSE lower ahead of Autumn Statement | FTSE lower ahead of Autumn Statement |
| (about 3 hours later) | |
| (Noon): The FTSE 100 drifted lower in morning trade, as investors waited for the chancellor's Autumn Statement. | |
| By lunchtime, the FTSE 100 was down 17.39 points at 6,724.71, with Royal Mail shares failing a further 1.3%. | |
| Royal Mail shares had fallen more than 2% on Tuesday after regulator Ofcom dismissed its claims that the universal postal service was under threat. | Royal Mail shares had fallen more than 2% on Tuesday after regulator Ofcom dismissed its claims that the universal postal service was under threat. |
| Shares in Sage rose 5% after the computer software firm reported a 5% rise in revenues. | |
| Oil and gas shares rallied initially in the first few minutes of trade before falling back. | Oil and gas shares rallied initially in the first few minutes of trade before falling back. |
| The price of Brent crude - which hit a five-year low on Monday - was down 16 cents at $70.38 a barrel, having traded as high as $71.46 earlier in the session. | |
| At the end of the morning, Royal Dutch Shell "A" and "B" shares were the biggest losers, both down 2%. | |
| On the currency markets, the pound rose 0.19% against the dollar to $1.5668 and climbed 0.67% against the euro to €1.2713. |