FTSE 100 muted ahead of Bailey comments; AstraZeneca drops

LONDON: The UK’s blue-chip FTSE 100 closed nearly flat on Monday as investors braced for a data-heavy week and central bank policymakers’ remarks for cues on the path of interest rates. The FTSE 100 held its ground at 7,573.69 points.

Pharmaceuticals were a drag, falling 2.2%, led by a 2.7% drop in AstraZeneca after Barclays cut its price target on the stock to reflect a lowered earnings estimate.

Market participants were awaiting comments from Bank of England Governor Andrew Bailey later in the day, as well as domestic and US inflation data later this week, for clues on when the major central banks will start cutting interest rates.