By Carla Mozee, MarketWatch
Bank of England expected to hold key rate steady
U.K. stocks edged higher Monday, building its last week's post
general-election rally, with miners gaining after China made
another move to stimulate its economy.
Meanwhile, the pound (GBPUSD) rose to $1.5470, from $1.5375 late
Friday, ahead of a Bank of England policy decision, due at 12 p.m.
London time, or 7 a.m. Eastern Time. The central bank is expected
to leave the benchmark interest rate at 0.5% and keep its
quantitative-easing program unchanged at 375 billion pounds ($579.5
billion).
The FTSE 100 tacked on 0.1%, at 7,054.69. The index on Friday
jumped 2.3%
(http://www.marketwatch.com/story/ftse-100-pound-leap-with-conservatives-on-track-for-election-win-2015-05-08)
after the country's general election resulted in the Conservative
Party taking power in the U.K.
Mining stocks on Monday rose, after the People's Bank of China's
decide on Sunday to cut its benchmark lending and deposit rates by
a quarter of a percentage point
(http://www.marketwatch.com/story/china-cuts-rates-as-economic-slowdown-deepens-2015-05-10).
The third rate cut in six months highlights concerns about slowing
in the world's second-largest economy.
Glencore popped up 2.3% as did Anglo American PLC . BHP Billiton
PLC (BHP) rose 2% and Rio Tinto PLC (RIO) moved up 1.9%.
Decliners on the blue-chip index included InterContinentals
Hotels Group PLC and HSBC PLC (HSBC), losing 1.3% and 0.7%,
respectively.
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