Sept 19 (Reuters) - London stocks were set to end an eventful week marginally lower on Friday as investors assessed central bank decisions, with the U.S. Federal Reserve taking center stage.
The blue-chip FTSE 100 (.FTSE), was flat at 1026 GMT and headed for a marginal weekly decline on lingering inflation worries.
The mid-cap FTSE 250 (.FTMC), fell 0.6% and was also on track for a weekly loss.The Bank of England’s widely expected
Sept 19 (Reuters) - Canada's main stock index continued its record-setting run on Friday, set to extend its string of weekly gains two days after interest rate cuts by the U.S. and Canadian central banks.
Toronto's S&P/TSX composite index (.GSPTSE), added 0.5% to 29,602.19 points by 10:07 ET (1407 GMT), after hitting a record intra-day high earlier in the session. The index was set for a seventh-consecutive week of gains, its longest such streak in over a year.
The BoC reduced its key policy rate to a three-year low of 2.5% on Wednesday, saying it was prepared for further cuts if risks to the economy rose.
Retail sales data from July showed a 0.8% drop as widely anticipated, but an advanced indicator pointed to retail sales growth rebounding to 1% in August.
"Canadian retail sales were disappointing which has continued a series of negative economic numbers for Canada, and is going to keep the pressure on the Bank of Canada for cutting rates," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Gold mining stocks (.SPTTGD), led gains on the day, rising 3.1%, tracking bullion prices.
Barrick Gold Mining (ABX.TO), rose 6.3% while Kinross Gold (K.TO), and Endeavour Mining added over 3% each.
Energy stocks were the laggards on the day, dropping 1.7% while most indexes were in the green.
Among other stocks, mining company Orla Mining (OLA.TO), dropped 7.1% to $14.18 after gold miner Newmont (NEM.N), said it sold its entire stake for $439 million.
Toronto Stock Exchange's index currently trades at a 12-month forward price-earning ratio of 16.45, its highest level since May 2021, according to data from LSEG Datastream.
"Valuations have certainly gotten stretched. This isn't an issue specific to Canada. It's more a case of the trend is your friend till it ends," Cieszynski said.
Reporting by Twesha Dikshit; Editing by Sahal Muhammed
pause on Thursday followed its quarter-point cut in August, as it navigates sticky inflation and an uncertain growth and jobs outlook.
Major brokerages including Goldman Sachs, Citigroup and J.P.Morgan expect no more interest rate cuts by the BoE this year after the British central bank kept its key rate on hold.
A survey showed on Friday that Britons turned more downbeat this month, and the prospect of tax increases in finance minister Rachel Reeves’s November budget threatens to erode confidence further.
Meanwhile, central banks in the United States, Canada and Norway cut interest rates, boosting hopes of more easing to come.
The Fed's 25 basis point rate cut, its first since December, lifted riskier assets in the previous session.
Media stocks (.FTNMX403010), fell the most among sectors, down 1.5%, with Bloomsbury Publishing (BLPU.L), declining 4.7%.
Gains in precious metal miners (.FTNMX551030), helped limit losses with 2.4% as gold prices edged higher.
Among individual stocks, Close Brothers (CBRO.L), the most in the FTSE 250, down 6.6%, after the British lender delayed its preliminary 2025 results by a week to 30 September 2025.
Spire Healthcare (SPI.L), jumped 17.3% after the private hospital group said it was exploring strategic options, including a potential sale of the company.
British retail sales rose by a stronger-than-expected 0.5% in August, helped by sunny weather, though July growth was revised slightly lower, data showed.
Reporting by Sanchayaita Roy in Bengaluru
