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FTSE 100 Falls As Pound Climbs After Upbeat Wages Data

U.K. shares fell on Tuesday as the pound edged higher against the dollar after the release of labor market data showing that U.K. wages grew faster than expected in August.

The Average Earnings Index, with bonuses included, stood at 2.7 percent in the month, up from 2.6 percent in the previous month and ahead of expectations for 2.6 percent growth. The jobless rate held at a 43-year low of 4 percent.

Investors were also watching Brexit developments ahead of a crunch EU summit.

The benchmark FTSE 100 was down 22 points or 0.32 percent at 7,006 in late opening deals after rising half a percent on Monday.

Meggitt shares jumped over 5 percent. The engineering firm upgraded its revenue growth forecast for the full year after a strong third quarter trading update.

Theme park operator Merlin slumped 7.3 percent as it forecast 2018 results in line with expectations.

Drax Group jumped 4.4 percent. The electrical power generation company has agreed to acquire Scottish Power's portfolio of pumped storage, hydro and gas-fired generation for 702 million pounds in cash from Spanish utility Iberdrola.

Residential property developer Bellway advanced 1.7 percent after reporting a rise in FY profit and total revenue.

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