London stocks gain on chemicals boost, cbank rate decisions in focus
The resource-heavy FTSE 100 was up 0.2% as of 0720 GMT, while the domestically-focused FTSE 250 midcap index also rose 0.2%
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LONDON: UK's main stock indexes edged up on Monday as a rebound in Croda International led the chemicals sector higher, while traders awaited a slew of domestic economic data and interest rate decisions from major central banks this week.
The resource-heavy FTSE 100 was up 0.2% as of 0720 GMT, while the domestically-focused FTSE 250 midcap index also rose 0.2%. Investors will scrutinize crucial inflation data out of the U.S. on Tuesday for clues on the Federal Reserve's monetary policy decision just a day later.
The European Central Bank is also set to announce its policy decision this week, while the Bank of England (BoE) is due in the upcoming one. The benchmark FTSE 100 index posted a third straight weekly drop Friday, as jitters around global interest rates remaining higher for longer dented risk appetite following surprise rate hikes by two major central banks earlier last week.
Energy dropped 1.1% to the bottom of the sector indexes tracking lower crude oil prices, while miners shed 0.8% on weak metals prices. Croda International gained 2.1% after tumbling on Friday following weak earnings forecast from the chemicals company.