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UK's midcap index at record high ahead of Bank of England rate call

By Reuters News

Nov 5 (Reuters) - Britain's midcap FTSE 250 index hit a record high and the blue-chip FTSE 100 rose to a near three-month peak on Thursday, boosted by bank stocks ahead of the Bank of England's policy decision.

The FTSE 100 index .FTSE rose 0.5% to 10,888.64 points by 1034 GMT, while the FTSE 250 .FTMC climbed 0.6% to its all-time high.

  • The BoE is widely expected to deliver a 25-basis-point hike on Thursday, its first rate increase in three years, as inflation pressures linked to the US-Israeli war on Iran mount

  • Major central banks such as the US Federal Reserve and the European Central Bank have already raised rates, and more hikes are priced in

  • Britain's inflation held at 3.5% in September, well above the BoE's target of 2%, data released last month showed

  • After rallying on Wednesday, banking stocks .FTNMX301010 extended gains, rising 1.3% to an over-one-week high. HSBC HSBA.L was the biggest boost with a 1.2% jump

  • Precious metal miners .FTNMX551030 rose 5%, boosted by gold prices climbing to a two-week high, after marking their biggest one-day jump in three months in the last session GOL/

  • But pharma .FTNMX201030 and energy .FTNMX601010 sectors declined 0.3% and 0.5% respectively

  • Telecom firm BT Group BT.L gained 3.5% after beating second-quarter revenue estimates; the broader sector .FTNMX151020 rose 1.2%

  • Defence contractor BAE Systems BAES.L slid 4.1% to the bottom of the FTSE 100. The loss builds on Wednesday's 4% fall after the Democratic sweep in the US midterm elections raised concerns of a tighter military budget

  • Hikma Pharmaceuticals HIK.L bottomed the FTSE 250 with a 6% drop after the drugmaker lowered the higher end of its annual profit forecast range

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