European markets slip ahead of Bank of England rate decision

Macro

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European markets traded lower as investors awaited the Bank of England's interest rate decision, with the pan-European Stoxx 600 dropping 0.24% to 637.8 euros. London's UKX fell 0.79%, weighed down by oil majors Shell and BP each declining more than 1% amid extended oil price declines. Germany's DAX edged up 0.02% to its highest since early June, while France's CAC added 0.24%. The cautious tone followed signals from the US Federal Reserve of growing support for rate hikes later this year, and the Bank of England is widely expected to keep its rate unchanged at 3.75%.