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London Stocks Dip Despite Water Firm Gains

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STOCK MARKET,INTEREST RATES,BANK OF ENGLAND

London's top equity markets experienced a decline in value following recent central bank interest rate decisions, despite a positive performance by water firms. Global sentiment remained weak after a sell-off on Wall Street, fueled by Federal Reserve Chairman Jerome Powell's comments that moderated expectations for further interest rate cuts next year. London stocks initially traded lower and remained subdued despite the Bank of England maintaining interest rates at 4.75%. German stocks also fell for the fifth consecutive day, while US stocks attempted to recover from a 10-day losing streak. In currency markets, the pound initially rose but later dropped despite the Bank of England's decision, with traders focusing on predictions of weak GDP growth. Conversely, water firms Severn Trent and Pennon saw gains after Ofwat, the industry regulator, announced that companies could raise customer bills by more than initially expected. Outsourcing firm Serco also increased in value, citing strong momentum in the latter half of 2024 and a positive outlook for 2025.

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.

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