FTSE 100 Slips Ahead Of Fed, BoE Meetings
(RTTNews) - U.K. stocks fell in cautious trade on Monday, as investors braced for a 75-100 bps rate hike by the U.S. Federal Reserve at the end of a two-day policy meeting on Wednesday.
Also, the Bank of England meets on Thursday, with markets split on whether the central bank will raise rates by 50 or 75 basis points ahead of a mini budget to be unveiled by the new Chancellor of the Exchequer Kwasi Kwarteng on Friday. The BoE meeting is delayed by a week after the death of Queen Elizabeth II.
The benchmark FTSE 100 dropped 45 points, or 0.6 percent, to 7,236 after closing 0.6 percent lower on Friday.
City of London Investment Trust shares fell around 1 percent. The company reported that its fiscal 2022 net return before taxation declined to 100.47 million pounds from last year's 267.16 million pounds.
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