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* FTSE 100 down 0.3%, FTSE 250 flat
* Shell dips following Q3 update
* Crest Nicholson falls after profit warning
Oct 31 (Reuters) - London's main stock index lagged its
European counterparts on Thursday as disappointing earnings
reports from heavyweights Shell and Lloyds took investor focus
away from the U.S. Federal Reserve's decision to cut interest
rates again.
The FTSE 100 .FTSE was down 0.4%, with its most valued
company, Shell RDSa.L , dropping 3.2% after reporting a plunge
in profits and flagging that uncertain economic conditions could
slow its $25 billion share buyback plan.
The market's midcap index .FTMC was flat by 0811 GMT.
Lloyds LLOY.L , another bluechip, fell 2.9% after missing
market expectations for third-quarter earnings, while a near 10%
drop in midcap-listed homebuilder Crest Nicholson CRST.L after
a profit warning dragged down its peers.