(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
London Stock Markets Slide Ahead of Earnings and BoE Rate Decision
Market Overview and Key Earnings
(Reuters) -London's main stock indexes dipped on Monday, dragged down by materials and utilities shares, as investors prepare for a week packed with major corporate earnings and the Bank of England's closely watched interest rate decision.
Stock Performance and Sector Analysis
The blue-chip FTSE 100 edged 0.2% down following its nearly 4% jump in October.
Economic Indicators and Expectations
The FTSE 250 midcap index also fell 0.3%, dropping for a sixth straight session.
This week brings a busy earnings calendar with drugmaker AstraZeneca, oil giant BP, spirits maker Diageo and British Airways owner IAG all reporting.
Meanwhile, the BoE is expected to pause its rate-cutting cycle on Thursday, though recent softer inflation and wage data could strengthen the case for a 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.
Industrial metal miners emerged as Monday's primary laggards, down 2.2%, with Rio Tinto and Glencore both sliding more than 2%.
The utilities sector also faced pressure, with midcap companies Pennon Group, Renewable Infrastructure Group and Greencoat UK Wind declining between 2.8% and 4.7%.
Frasers shed 5.4% after the RBC downgraded its rating on the sportswear and fashion retailer to "sector perform" from "outperform".
Vodafone Group dropped 5.2% after UBS downgraded its rating on the telecom company to "sell" from "neutral".
On the economic front, British factories reported their strongest month in a year in October, though the improvement was largely attributable to Jaguar Land Rover resuming production after a cyberattack, the S&P Global PMI data showed.
Back to stocks, financials, including life insurers and banks, were the biggest boosts.
Ceres Power Holdings jumped 11.1% after Goldman Sachs added the clean energy technology developer to its European Conviction List - a list of top "Buy" rated stocks in Europe.
Telecoms firm Airtel Africa extended gains to a fifth straight session after reporting earnings last week, climbing 5.9% on Monday.
(Reporting by Shashwat Chauhan and Ragini Mathur in Bengaluru; Editing by Vijay Kishore and Andrew Heavens)
