FTSE 100 down ahead of BoE interest rate decision

FTSE 100 opened lower, down 28 points to 7,209. Leading shares have slumped in the wake of Wall Street’s falls following the hawkish Federal Reserve comments.

Markets believe the Bank of England is set to unveil the biggest hike to interest rates since 1989 today. It is expected to increase interest rates by 0.75 percentage points to 2.5%.

JD Sports’ half-year profits came in at the top end of its expectations and it anticipates achieving its full-year guidance despite the challenging macro-environment. Sales jumped 15%.

GSK inked a licensing deal with an American biotech that will give it access to an oral antibiotic for complicated urinary tract infections. The UK group is paying Spero Therapeutics an initial US$66mln for the license.

Smiths News reported good trading for the second half with underlying profit expected to be no less than £40mln for the year. It expects profits for the full year to beat market forecasts.

Scotgold Resources completed most optimisation initiatives at its Cononish gold and silver mine in Scotland. The company said optimisation work means that the fourth quarter should be “significantly ahead” of the third and second quarters.

DeepVerge reported record revenue in its first-half results following an uptick in demand for its goods and services. Sales for the six months ended 30 June 2022 nearly doubled to £6.4mln.

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