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LIVE: FTSE 100 closes lower as pound hits 10-month high ahead of BoE rate decision

A look at how the major markets are performing on Monday

Angela Barnes
·Reporter
·2-min read
FTSE The pound sterling hit a 10-month high against the euro on Monday ahead of a key decision on interest rates this week by the Bank of England (BoE). Photo: Pietro Recchia/SOPA Images/LightRocket via Getty Images.
FTSE: The pound sterling hit a 10-month high against the euro on Monday ahead of a key decision on interest rates this week by the Bank of England. Photo: Getty (SOPA Images via Getty Images)

European stocks and the FTSE 100 finished lower on Monday afternoon as the pound hit a 10-month high versus the euro (GBPEUR=X) with investors anticipating the performance of the currency ahead of UK inflation data and a Bank of England decision on interest rates this week.

At the close, the FTSE 100 (^FTSE) lost 0.71% to 7,588.48 points. The CAC 40 (^FCHI) in Paris declined 1.11% to 7,306.35 points, while in Germany, the DAX (^GDAXI) also fell, by 0.99% to 16,195.25 points.

Read more: Mortgage crisis: Key updates you may have missed in the past 48 hours

FTSE 100 stocks

Rolls Royce Holdings (RR.L) and Entain (ENT.L) were top of the FTSE 100 basket while Ocado Group (OCDO.L) and Spirax-Sarco Engineering (SPX) were at the bottom of the index.

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Victoria Scholar, head of investment at Interactive Investor, said: "Following a weaker session overnight in Asia, European markets have followed suit, opening in the red as last week’s bullishness appears to be fading at least for now. Rolls-Royce has opened at the top of the FTSE 100 after it announced plans to begin testing a new small gas turbine specifically developed to power hybrid-electric flight."

Read more: More pain to hit homeowners as Bank of England set to rise interest rates

US and Asia markets

It is a quieter than normal session for global stocks with US markets closed today due to a federal holiday.

On Friday, the main US indexes closed in the red after Federal Reserve officials dampened optimism that the US central bank is nearing the end of its interest rate hikes.

The Dow Jones (^DJI) fell 0.32% to 34,299.12 points, while the S&P 500 (^GSPC) lost 0.37% to 4,409.59 points. The tech-heavy NASDAQ (^IXIC) also closed lower, by 0.68% to 13,689.57.

Read more: House prices cool down as rising mortgage rates keep buyers away

In Asia, the markets were mixed overnight. Tokyo’s Nikkei 225 (^N225) fell 1.00% to 33,370.42 points, while the Hang Seng (^HSI) in Hong Kong lost 1.16% to 19,807.50. In mainland China, the Shanghai Composite (000001.SS) also declined, by 0.49% to 3,257.25 points.

Watch: Business Lookahead: rock and a hard place

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