On October 21, 2024, Britain's benchmark index remained largely unchanged as commodity-linked stocks gained ground while utilities faced losses. The blue-chip FTSE 100 index held steady at 8,355.90 points, while the FTSE 250 index experienced a decline of 0.3%.
The oil and gas sector saw a rise of 1.3%, with BP and Shell shares increasing by 1.9% and 1.1%, respectively. Precious metal miners advanced by 1.8% as gold prices reached record highs amid uncertainties related to the upcoming U.S. election.
Industrial metal miners also saw a modest increase of 0.3%, supported by rising prices of nonferrous metals due to recent lending rate cuts in China and expectations for additional economic stimulus. Conversely, the utilities sector declined by 0.6%.
Investors are awaiting key speeches from Bank of England officials this week, particularly following recent consumer price index data that indicated Britain's inflation has dipped below the BoE's 2% target. Notable speeches are scheduled from BoE Governor Andrew Bailey, Deputy Governor Sarah Breeden, and Monetary Policy Committee member Megan Greene.
Additionally, Britain's flash PMI figures for October are set to be released on Wednesday, providing further insights into the nation's inflation outlook, while consumer confidence data is expected on Friday. In individual stock news, Intertek Group saw a decline of 2.1% after RBC downgraded its rating from 'outperform' to 'sector perform'.
Investor sentiment remains cautious, influenced by uncertainties surrounding the U.S. presidential election.