London’s FTSE 100 inched up on Tuesday, propped up by Unilever on its ice cream unit spin-off plans, though gains were capped by caution ahead of the domestic inflation data and Federal Reserve’s interest rate decision later this week.
The blue-chip FTSE 100 inched 0.1% high, as of 0816 GMT.
The benchmark index was cushioned by a 5.3% gain in Unilever as the consumer goods group plans to spin off its ice cream unit into a standalone business and announced a new cost-savings programme that would impact 7,500 jobs.
The stock lifted the personal care sector index by 2.4%. Investors refrained from placing big bets ahead of key domestic inflation data and the Fed’s rate decision, both due Wednesday, to ascertain the global monetary policy trajectory, before the Bank of England’s (BoE) rate verdict on Thursday.
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The BoE is expected to keep rates at current levels in the upcoming meeting, although the focus will be on the timing of the first rate cut.
The mid cap FTSE 250 was flat at 19,478.30 points, led by a 4.2% fall in Crest Nicholson after the homebuilder said it could build up to 11% fewer homes in fiscal 2024 amid persistent tough conditions in the housing market.
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