Banks, mining stocks lift FTSE 100 ahead of BoE rate call this week

ReutersMar 18, 2025 5:29 PM

Safe-haven gold hits fresh record high
Bytes Technology up on strong trading update
Computacenter gains on upbeat outlook
FTSE 100 up 0.3%, FTSE 250 up 0.4%

March 18 (Reuters) - British stocks closed higher on Tuesday, boosted by miners and bank stocks ahead of a rate decision by the Bank of England (BoE) later this week.

The blue-chip FTSE 100 .FTSE gained 0.3%, continuing gains for a fifth straight day.

The banks index .FTNMX301010 was up 2.2%, leading sectoral gains.

Heavyweight HSBC HSBA.L was among the biggest boosts to the index, up nearly 2%.

Precious metal miners .FTNMX551030 firmed 1.8%, as gold hit a fresh record high above $3,000 per oz as Middle East tensions and trade uncertainties from U.S. President Donald Trump's tariff plans fueled demand for the safe-haven asset. GOL/

British stocks edged up alongside broader markets that plummeted earlier this month, largely due to fears that a trade war waged by Trump on multiple fronts would cause an economic slowdown in the biggest economy of the world.

The centrepiece of the week will be the Federal Reserve's policy decision on Wednesday, and any indications on future interest rate cuts to support growth will be key.

In the UK, the BoE's rate decision will be in focus on Thursday, a day after the OECD said Britain's economy will grow more slowly than previously expected in 2025 and 2026.

While both central banks are expected to stand pat on interest rates this week, traders have priced in at least two rate cuts from both the BoE and the Fed this year.

Meanwhile, Britain's Labour government announced plans to cut more than five billion pounds($6.48 billion) from its welfare budget by 2029/30, seeking to tame a sharply rising bill despite some party unrest.

The midcap FTSE 250 .FTMC climbed 0.4%.

IT software services provider Bytes Technology BYIT.L surged nearly 18% after posting double-digit growth in full-year operating profit.

Computacenter CCC.L jumped 11% to a more than six-month high, after the tech and services provider cited a strong order backlog and a 'well-placed' progress for 2025.

For related prices, Reuters users may click on -  UK stock report     .L     FTSE index:         0#.FTS6  techMARK 100 index: .FTT1X         FTSE futures:     0#FFI:  Gilt futures:       0#FLG:         Smallcap index:    .FTSC  FTSE 250 index:     .FTMC          FTSE 350 index:    .FTLC  Market digest:      .AD.L          Top 10 by vol:     .AV.L  Top price gainers:  .NG.L          Top % gainers:     .PG.L  Top price losers:   .NL.L          Top % losers:      .PL.L 
     For related news, click on - UK hot stocks:      HOT and GB     Wall Street:          .N Gilts report:       GB/            Euro bond report GVD/EUR Pan European stock report: .EU Tokyo stocks:       .T             HK stocks:           .HK Sterling report:    GBP/           Dollar report:      USD/
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