U.K. Stocks Fall for Third Day Before BOE, ECB Decisions

U.K. stocks fell for a third day, their longest streak of losses in four weeks, as investors awaited monetary-policy decisions from the European Central Bank and the Bank of England.

Schroders Plc lost 3.8 percent after Canaccord Genuity Ltd. cut its rating on the money manager after it reported third-quarter results. Randgold Resources Ltd. (RRS) rallied 7.3 percent after reporting quarterly profit that beat analysts’ estimates. Tate & Lyle Plc (TATE) added 1 percent posting better-than-projected first-half revenue.

The FTSE 100 Index (UKX) slipped 11.39 points, or 0.2 percent, to 6,730.3 at 9:03 a.m. in London. The gauge rallied 4.2 percent in October as U.S. lawmakers ended a fiscal dispute and reached a deal to reopen a partially shut-down government. The broader FTSE All-Share Index fell 0.1 percent today, while Ireland’s ISEQ Index slid 0.2 percent.

The ECB will announce its interest-rate decision at 1:45 p.m. in Frankfurt and President Mario Draghi will address a press conference 45 minutes later. Three of 70 economist estimates compiled by Bloomberg forecast the central bank will cut its benchmark interest rate to 0.25 percent from 0.5 percent. In a separate survey, eight of 38 economists called for interest rates to be lowered in December.

At noon in London, the Bank of England will probably say it is maintaining its key interest rate at 0.5 percent and its target for the stock of asset purchases 375 billion pounds ($600 billion), according to the median forecast in another survey.

To contact the reporter on this story: Inyoung Hwang in London at ihwang7@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.