FTSE 100 Slips As Pound Stabilizes Amid Talk Of Rate Hike

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U.K. stocks edged lower on Tuesday and the pound clawed back some losses after Bank of England (BoE) Governor Andrew Bailey stated that the central bank will raise rates as much as necessary at its next meeting to bring inflation back to the 2 percent target.

The BoE governor said the central bank is closely monitoring the weakness in the pound amid the turmoil in markets which saw the pound fall to a record low against the dollar.

Markets widely expect a non-scheduled interest rate hike from the BoE if the currency situation does not improve.

The benchmark FTSE 100 slipped 24 points, or 0.4 percent, to 6,996 after finishing marginally higher on Monday.

Domino's Pizza Group fell 2.5 percent. The pizza chain announced that Elias Diaz Sese, currently a non-executive director of DPG, will become Chief Executive Officer, on an interim basis.

AstraZeneca dropped 1.3 percent. The drug maker said that Selumetinib, sold under the brand name Koselugo, has been approved in Japan.

Shares of Oxford Metrics slumped 6.7 percent after the smart sensing software company said it is unlikely to meet its fiscal 2022 market expectations.

Travel food outlet operator SSP advanced 3.5 percent after guiding for full-year profits slightly higher than expectations.

JD Sports lost 2.2 percent. The company has been fined by U.K. competition regulator after being found guilty of price fixing on official merchandise.

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