SummaryCompaniesFTSE 100 up 0.1%, FTSE 250 down 0.1%Bank of England rate decision on ThursdayBP, AstraZeneca among others to report earnings this weekFrasers, Vodafone down after rating downgradesNov 3 (Reuters) – UK’s FTSE 100 inched up on Monday, kicking off a week packed with corporate earnings from heavyweights, including AstraZeneca and BP, along with an interest rate decision from the Bank of England.The blue-chip FTSE 100 (.FTSE), opens new tab inched 0.1% to 9730.1 points by 1241 GMT, building on its near 4% jump in October, while the FTSE 250 midcap index (.FTMC), opens new tab dipped 0.1% in the session.
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It is shaping up to be a busy earnings week in the UK, with drugmaker AstraZeneca (AZN.L), opens new tab, oil giant BP (BP.L), opens new tab, spirits maker Diageo (DGE.L), opens new tab and British Airways owner IAG (ICAG.L), opens new tab reporting throughout the week.The Bank of England is expected to keep interest rates on hold on Thursday, pausing its cycle of cuts for the first time since it started easing policy last year. However, softer inflation and wages data released in October could make the case for a rate cut.”The committee is deeply divided, and we don’t expect clear signals on the Bank’s next steps,” ING analysts said in a note.On Monday, financials including life insurers (.FTNMX303010), opens new tab and banks (.FTNMX301010), opens new tab were the biggest boosts, with insurer Prudential (PRU.L), opens new tab up 2% and top lender HSBC (HSBA.L), opens new tab climbing 0.4%.Industrial metal miners (.FTNMX551020), opens new tab were the laggards as shares of top miners Rio Tinto (RIO.L), opens new tab and Glencore (GLEN.L), opens new tab declined more than 1% each.Among other UK assets, the pound inched 0.1% lower against the dollar, while government bond yields were slightly higher.Back to stocks, telecoms firm Airtel Africa (AAF.L), opens new tab extended gains to a fifth straight session after reporting earnings last week, jumping 5% on Monday.Frasers (FRAS.L), opens new tab shed 3.2% after the RBC downgraded its rating on the sportswear and fashion retailer to “sector perform” from “outperform”.Vodafone Group (VOD.L), opens new tab dropped 2.5% after UBS downgraded its rating on the telecom company to “sell” from “neutral”.
Reporting by Shashwat Chauhan in Bengaluru; Editing by Vijay Kishore
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