FTSE nudges up ahead of fed de­ci­sion

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The FTSE 100 made mea­gre gains on Thurs­day as mar­kets across the globe found trad­ing slug­gish ahead of the US Fed­eral Re­serve meet­ing.

Lon­don’s top flight in­dex closed the day up 23.4 points, or 0.33%, at 7,140.68.

The rise came as its Euro­pean peers stum­bled in an­tic­i­pa­tion of the US Fed­eral Re­serve pol­icy meet­ing, where it is ex­pected that in­ter­est rates will be held steady.

David Mad­den, an­a­lyst at CMC Mar­kets, added that a set of gloomy growth fore­casts is weigh­ing on sen­ti­ment.

“Stock mar­kets are mixed as the bullish sen­ti­ment in the wake of the US midterms fades. The Euro­pean Com­mis­sion pre­dicts that growth in the eu­ro­zone will cool in the next two years.

“The or­gan­i­sa­tion also pre­dicts that the UK econ­omy will see the small­est growth in all of the EU coun­tries in the next two years.”

The pound, mean­while, had a re­lat- ively un­event­ful day, clos­ing down slightly ver­sus the US dol­lar at 1.311 and flat against the euro at 1.149.

“GBP/USD is lower on the ses­sion, and the poor UK hous­ing data con­trib­uted to the move. The Royal In­sti­tute of Char­tered Sur­vey­ors house price bal­ance fell to -10 in Oc­to­ber – its low­est read­ing in six years.

“This adds to the se­ries of neg­a­tive sto­ries sur­round­ing the Bri­tish prop­erty mar­ket,” Mr Mad­den said.

In Europe, Ger­many’s DAX was down 0.45% while France’s CAC was 0.13% lower. A bar­rel of Brent crude was trad­ing at 71.2 US dol­lars, down 1%.

Big­gest FTSE 100 ris­ers were Coca Cola HBC up 116p at 2,376p, As­trazeneca up 236p at 6,093p, Marks and Spencer up 11.4p at 312.3p and Mi­cro Fo­cus up 38.5p at 1,294p. The big­gest fall­ers on the FTSE 100 were BP down 15.3p at 529p, Paddy Power Bet­fair down 155p at 6,675p, Sage Group down 11.4p at 551.4p and WPP down 16.8p at 873.4p.

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