Market Analysis
On Friday, the UK's benchmark index FTSE 100 remained largely unchanged as gains in the personal goods sector were counterbalanced by losses in travel shares. Investors were awaiting comments from Bank of England's monetary policy panel member, Catherine Mann, later in the day.
By 0714 GMT, the FTSE 100 index had edged 0.1% lower but was on track for a fourth consecutive weekly gain. The midcap FTSE 250 index declined by 0.1%.
The pound remained steady against the dollar, trading at $1.2665.
The personal goods sector led the gains, with Watches of Switzerland shares rising by 2.7%.
Investors are keenly observing comments from BoE's monetary policy committee member Catherine Mann regarding the timeline for the UK central bank to begin easing borrowing costs. Money markets have factored in approximately 60 basis points (bps) of interest rate cuts in 2024 by the BoE, with the first cut anticipated in August.
GSK shares dropped by 0.6% after the company raised 1.25 billion pounds ($1.52 billion) by selling its entire remaining stake in the consumer healthcare firm Haleon, whose shares decreased by 0.8%.
Auto Trader Group fell by 3.7%, making it the biggest loser on the FTSE 100, following a downgrade in rating and target price by Morgan Stanley.
Paraphrasing text from "Reuters" all rights reserved by the original author.