UK stocks steady as traders await rate cues; sterling holds near lows

-0.74%

+1.72%

+0.28%

+8.48%

+2.49%

BP PLC Sponsored ADR BP	47.00	-0.74%
AstraZeneca PLC AZN	197.22	+1.72%
Shell Plc Sponsored ADR SHEL	93.00	+0.28%
SharkNinja SN	105.90	+8.48%
Dow Jones Industrial Average DJI	46341.51	+2.49%

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FTSE 100 down 0.3%, FTSE 250 flat

Bank of England expected to keep rates at 4% amid inflation data

Energy and pharma stocks decline

Financials and metal miners gain, offsetting losses in other sectors

Nov 6 (Reuters) - UK's main stock indices were little changed on Thursday as sterling steadied near multi-month lows, with traders pausing for breath ahead of the Bank of England's interest rate call.

The central bank is widely expected to keep rates at 4% when it announces its decision at 1200 GMT, and its tone will be crucial to guiding sentiment as traders navigate the final stretch of the year.

Still, a shift in stance from Goldman Sachs, which last week said it now expects a rate cut after softer inflation and wage data, has stirred some speculation.

The blue-chip FTSE 100 index .FTSE was 0.3% lower, retreating from a record high in the previous session, as gains in financials and metal miners were offset by a selloff in energy and pharma. The midcap index .FTMC was flat.

Oil and gas companies' shares lost ground despite a rise in oil prices, with BP BP.L ticking 0.7% lower and Shell SHEL.L down 0.4%.

Shares of Healthcare and medical equipment and services also slipped, with GSK plc GSK.L down 0.6%. Smith & Nephew PLC SN.L plunged 10% after it missed market expectations for quarterly revenue due to weakness in its U.S. knee implants business.

Trading in AstraZeneca AZN.L was choppy, with shares last trading 0.2% lower. The pharma giant reported better-than-expected third-quarter profit on Thursday, boosted by strong sales in cancer and heart-related drugs.

Financials led the gainers, with HSBC Holdings HSBA.L, Standard Chartered STAN.L and Barclays PLC BARC.L up 0.9%, 1.1% and 1.5%, respectively.

The Financial Times reported that Chancellor Rachel Reeves was set to spare them from a punitive budget tax raid.

Metal miners climbed as copper and iron ore snapped a four-day losing streak. Rio Tinto RIO.L rose 0.3% and Glencore PLC GLEN.L jumped 2.2%.

Among consumer staples, Unilever ULVR.L dropped 1.9%. Diageo DGE.L fell 5% after trimming its 2026 sales and profit forecast.

(Reporting by Utkarsh Tushar Hathi; Editing by Saumyadeb Chakrabarty)

((utkarshtushar.hathi@thomsonreuters.com))

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