UK shares edged lower on Monday, dragged down by miners, with investors treading cautiously ahead of key interest rate decisions due later this week.
Markets are gearing up for rate hikes of 50 basis points each by both the U.S. Federal Reserve and the Bank of England. ,
"Given the central bank meetings this week, I highly doubt traders are going to be taking up large position and we do have a little bit of risk off sentiment," said Daniela Hathorn, senior market analyst at Capital.com.at 0.5% and 1.5%, respectively, in October, with reports on inflation, manufacturing and unemployment also due this week that would give investors a better picture of the economy.
"In the UK, good data is actually good because of current fears that the UK can actually be in a worse situation of a recession than the U.S.," said Hathorn.and two of its former executives have been slapped with fines by the Financial Conduct Authority over reporting errors. Still, shares of Metro reversed early losses and were last up 3.8%.
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