Published by Global Banking and Finance Review
Posted on December 16, 2024
(Reuters) - UK's FTSE 100 index slipped on Monday ahead of a raft of major central bank interest-rate decisions, with Entain dropping on Australian financial crime watchdog's initiated legal proceedings against it.
The FTSE 100 was down 0.2% at 0930 GMT, with Entain taking the biggest hit, down 5%, after the watchdog said its online betting platforms breached Australia's anti-money laundering and counter-terrorism financing laws.
Household goods and beverage stocks were the top laggards, while chemical stocks led gains as Johnson Matthey jumped 6.4% after shareholder Standard Investments urged the company to launch a strategic review.
The domestically-focussed FTSE 250 was also down 0.2%, with Computacenter dropping 6% after the technology and services provider's finance chief Christian Jehle stepped down.
Among other stocks, Bunzl rose 1.4% after RBC upgraded the specialist international distribution and services group to "outperform" from "sector perform".
All eyes are on the trajectory of global monetary policy, as the rate decisions by the U.S. Federal Reserve, Bank of Japan and Bank of England are lined up this week.
While the Fed is expected to cut rates by 25 basis points on Wednesday, the BoE is widely seen holding rates on Thursday, with a similar expectation for the Bank of Japan.
On the data front, British manufacturers reported the sharpest loss of confidence since the start of the COVID-19 pandemic in the face of higher costs including tax increases by the new government, a group representing the sector said.
Meanwhile, average asking prices for newly listed houses and apartments fell by 1.7% in December, but activity was robust, property website Rightmove said.
(Reporting by Ankika Biswas in Bengaluru; Editing by Varun H K)
