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UK inflation slows less than expected to 3.2%
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ASOS rises on retaining FY outlook, naming new CFO
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Entain climbs on better-than-expected results
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FTSE 100 up 0.4%, FTSE 250 flat
April 17 (Reuters) - The UK's benchmark index FTSE 100 climbed on Wednesday, underpinned by industrial metal miners, while the pound strengthened on growing doubts over the prospect of early rate cuts by the Bank of England.
The resources-heavy FTSE 100 advanced 0.4% and the mid-cap FTSE 250 traded flat at the close after posting steep losses on Tuesday.
Industrial metal miners gained 2.2%, with shares of Rio Tinto rising 2.6%, after the miner published a steady operations update.
The automobile and parts sector was the biggest loser, dropping 1.2%.
The pound slipped against the dollar and traded last at $1.2445 after Britain's inflation slowed to 3.2% in March, compared with 3.4% a month ago, but was slightly higher than economists' expectations of 3.1%, according to a Reuters poll.
"This March report helps keep the door open to mid-year interest rate cuts from the BoE, which would be a relief to UK homeowners and consumers, with Governor Bailey saying he sees 'strong evidence' of retreating price pressures," said Ben Laidler, analyst at investment platform eToro.
"This first cut would likely be after the ECB but now before the US Federal Reserve."
Traders expect the Bank of England to cut rates by 40 basis points in 2024, with the possibility of a first rate cut only in September.
BoE policymaker Megan Greene on Wednesday said that the tensions in the Middle East could pose a risk to the inflation outlook, including by heightening inflation expectations.
Meanwhile, Fed Chair Jerome Powell said on Tuesday that monetary policy needs to be restrictive for longer, further dashing investors' hopes for meaningful reductions in borrowing costs this year.
Among individual stocks, ASOS advanced 4.9% after the online fashion retailer appointed a new CFO and reiterated its full-year forecast for adjusted core profit despite stiff competition and excess inventory.
Entain rose about 1.0% after the owner of Ladbrokes posted better-than expected first-quarter online gaming revenue due to a rise in its customer base. (Reporting by Pranav Kashyap in Bengaluru; Editing by Sherry Jacob-Phillips and Barbara Lewis)
