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FTSE 100 slips 0.2%, FTSE 250 drops 0.4%

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Asking prices for UK homes fall in run up to budget -

Rightmove ( RTMVF )

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WPP's ( WPP ) shares rise after report of potential takeover

Nov 17 (Reuters) - London stocks edged lower on Monday,

with financial sector weakness pulling the market down at the

start of a week filled with crucial economic data releases.

The blue-chip FTSE 100 slipped 0.2% by 12:30 GMT,

heading toward its third consecutive session of losses. The

mid-cap index FTSE 250 fell 0.4%, poised to mark its

fourth straight day of decline.

Heavyweight banking sector was down 0.8%,

with Barclays ( BCS ) , HSBC ( HSBC ), and Standard Chartered

falling between 0.7% and 1%.

Advertising group WPP ( WPP ) rose 5% after the Times

reported, citing sources, that the firm has drawn takeover

interest from French rival Havas and private equity

firms Apollo and KKR.

Construction & Materials fell 1.2% following

a survey by property website Rightmove ( RTMVF ) that showed weakening UK

home prices, which dropped 1.8% in the four weeks to November 8

- the largest decline for this time of year since 2012.

Additionally, finance minister Rachel Reeves is set to

introduce a levy on high-value homes in her annual budget on

November 26, according to the Telegraph.

The main indexes fell sharply on Friday after reports of

Reeves reversing of a planned tax hike drove gilt yields higher.

Market attention now shifts to this week's UK inflation

report, as the budget announcement approaches and the Bank of

England contemplates its interest rate decision ahead of the

December 18 monetary policy meeting.

Also this week, global investors will focus on U.S. jobs

data and quarterly results from AI powerhouse Nvidia.

Back in the UK, metal miners dropped 0.9% as

copper prices slipped.

HICL Infrastructure ( HICLF ) plunged 7.3% after announcing a

3.98 billion pounds ($5.2 billion) merger deal with The

Renewables Infrastructure ( RWFRF ).

Water solutions manufacturer Genuit slumped 13.2%

after forecasting full-year profit below estimates.

($1 = 0.7596 pounds)