London’s top equity markets slid in value in the wake of the latest major central bank interest rate decisions, despite a strong session for water firms.
London stocks were largely in the red at the start of trading and remained weak despite the Bank of England holding interest rates at 4.75%.Elsewhere in Europe, German stocks recorded their fifth consecutive day of losses as the Fed decision offset any positivity around stronger-than-expected consumer confidence data.Stateside, US stocks bounced back in attempt to end a 10-day streak of losses for the Dow Jones.
Regulator Ofwat said it will allow companies to raise average bills by £31 a year, or £157 in total, over the next five years to £597 by 2030 to help finance a £104 billion upgrade for the sector.Outsourcing firm Serco lifted in value after it said it has seen strong momentum over the second half of 2024 on the back of rising orders.