(Corrects paragraph 5 to remove reference to Alpha Auto Group and clarify that offer for Lookers was made by Global Auto Holdings)
(Reuters) – UK’s benchmark stock index slipped at open on Tuesday, weighed down by miners, while investors keenly awaited a key economic data and the Bank of England’s rate decision later in the week.
The resource-heavy FTSE 100 was down 0.1% at 0712 GMT, while the FTSE 250 mid-cap index fell 0.2%.
Crude oil and metals prices dipped on Tuesday as China’s benchmark rate cuts failed to soothe investor concerns around the top consumer’s economic growth, dragging energy and mining stocks. [MET/L][O/R]
Currys gained 2.5% after British sportswear and fashion retailer Frasers acquired an 8.9% stake in the electricals retailer. Frasers’ shares were up 1.5% following an update on its share buyback program.
Lookers jumped 33.7% as Global Auto Holdings is set to buy the British car dealership chain for about 465.4 million pounds (about $595 million) in cash.
Investors will be vigilant of domestic inflation data due Wednesday to assess the state of economy, leading up to the BoE’s policy decision on Thursday, with traders expecting another 25-basis-point hike.
(This story has been corrected to remove reference to Alpha Auto Group and clarify that the offer for Lookers was made by Global Auto Holdings in paragraph 5)
(Reporting by Ankika Biswas in Bengaluru; editing by Eileen Soreng)
