London stocks opened lower as retail sales growth slowed. The blue-chip FTSE 100 slipped 0.2% after closing at its highest level since late May on Thursday, while the domestically-focused FTSE 250 fell 0.1% following a two-week high reached the previous day.
Despite the declines, both indexes remain on track to break a two-week losing streak, supported by expectations of Bank of England rate cuts and positive company updates.
Optimism was fueled by Wednesday’s data showing a drop in inflation to 1.7%, increasing the likelihood of a rate cut next month.
Industrial metal miners gained as much as 1.9%, driven by rising copper prices following China’s stimulus measures. In contrast, consumer-focused stocks weighed on the FTSE 100, with Unilever down as much as 1.5% and British American Tobacco falling 3.2%.
The latter announced that a plan had been filed in a Canadian court to settle tobacco litigation involving its Canadian subsidiary potentially.
Among other significant moves, publishing company Future tumbled as much as 10.6% on the FTSE 250 after announcing that CEO Jon Steinberg would step down.
