Bank of England raises rates as US stocks slide sharply

Summarised from Evening Standard's report · Updated 5 Nov, 19:10 · Archive

The Bank of England raised interest rates while US stock markets declined significantly.

The Bank of England raised interest rates on Thursday in a move the Evening Standard characterises as 'hawkish'. The FTSE 100 closed down 46.55 points, or 0.4%, at 10,782.66, having traded as high as 10,948.24 earlier in the day. The FTSE 250 fell 213.71 points, 0.9%, to 24,701.98.

US markets suffered heavier losses. The Dow Jones Industrial Average fell 2.2%, the S&P 500 declined 2.9% and the Nasdaq Composite slumped 3.7% on concerns that the Democrats may curb spending on data centres, which has driven recent gains in AI-related shares. Technology stocks bore the brunt, with chip makers AMD, Nvidia and Intel falling 13%, 6.7% and 4.9% respectively. Elon Musk's SpaceX shed 7.7% and Tesla slumped 8.9%. In London, technology-focused investment trusts also fell, with Polar Capital Technology Trust down 6.6% and Allianz Technology Trust down 7.1%.

Read the report

• ‘Hawkish’ Bank of England raises rates and US stocks plummetThe FTSE 100 index closed down 46.55 points.Evening Standard · 5 Nov, 17:25

In this story: Bank of England · FTSE 100 · US · Nvidia · AMD · Tesla · Elon Musk

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