UK Stock Market Today: FTSE 100 Slides as Oil Jumps, BoE Cut Bets Take Another Hit
London shares slipped at the open on Thursday. The FTSE 100 dropped 0.7% to 10,281.08, while the FTSE 250 shed 0.4% to 22,287.39. Brent crude topped $100 a barrel for a short stretch following renewed Gulf shipping attacks, dragging the indexes lower for a second day and keeping traders stuck on energy news. This is significant for Britain, a major European economy that's particularly exposed to shifts in energy prices. The Bank of England sets its policy again on March 19. According to the country’s budget watchdog, inflation could finish the year closer to 3%—not the roughly 2% previously expected—if energy costs hold steady. Both Standard Chartered and Morgan Stanley have already moved their forecasts for the first rate cut into the second quarter.
