FTSE 100 Flat Ahead of Rate Decision; Currys Surges, BP Announces New CEO

The FTSE 100 was little changed on Thursday morning, up 0.02%, after a strong rally in the previous session as investors awaited key central bank decisions.

European markets edged higher, with Germany’s DAX up 0.04%, France’s CAC 40 rising 0.3% and the pan-European STOXX 600 gaining 0.1%.

Attention is focused on the Bank of England, which is widely expected to cut interest rates to 3.75% from 4% later today. Such a move would take borrowing costs to their lowest level since early February 2023.

Rate decisions from the European Central Bank and fresh U.S. inflation data are also due later in the day, adding to the cautious tone.

BP shares were in focus after the energy group named a new chief executive. The company appointed Meg O’Neill as CEO. She replaces Murray Auchincloss, who is stepping down from the board with immediate effect after less than two years in the position.

Elsewhere, Currys was a standout performer after its shares surged 13% at the open.

The electricals retailer reported that half-year adjusted profits more than doubled to £22 million, supported by a turnaround in its Nordics division despite ongoing cost pressures in the UK.

Revenues in the UK and Ireland rose 4% on a like-for-like basis in the six months to Nov. 1, although earnings in the division fell £4 million to £19 million.