FTSE subdued, AstraZeneca gains on FDA approval, Currys soars

The week has begun on a subdued note for equities as waning expectations of global interest rate cuts cast a shadow over the market.

In early trade on Monday, the FTSE 100 held steady, while the FTSE 250 remained flat. Last week marked the end of a two-week losing streak for both indexes, driven by optimism about a potential interest rate cut by the Bank of England following indications of slowing inflation in domestic economic data.

However, the global outlook for rate cuts has dimmed, impacting investor confidence. Money markets now indicate an expected 68 basis points cut from the Bank of England this year, down from approximately 72 bps the previous week.

AstraZeneca was the best performer in the FTSE 100, rising 3% by 10:00 GMT, fueled by the U.S. FDA’s approval of its lung cancer drug.

In the FTSE 250, Currys soared 34% following news of Chinese e-commerce giant JD.com considering a takeover, setting the stage for a potential bidding war after the rejection of a rival £700 million deal.

Base metal miners, tracking weaker copper prices as the dollar stabilised, declined by 1.3% and were among the top sectoral decliners.