The FTSE 100 traded lower on Thursday as investors awaited the Bank of England’s expected rate cut at noon. The central bank is expected to cut interest rates by 25 basis points to 4%, the lowest since March 2023, as it balances persistent inflation with mounting concerns over economic growth and the labour market. Companies like AstraZeneca (-1%) and Shell (-1%) weighed most heavily on the index. Others, including BAE Systems (-1.1%) and Reckitt (-1.2%), also declined. However, not all stocks struggled: Intercontinental Hotels surged more than 5% after reporting solid revenue growth and maintaining its guidance. Jefferies called the outlook “incrementally positive,” citing easing macroeconomic risks and performance in line with peers like Marriott. Separately, Halifax data showed UK house prices rose 0.4% in July, the strongest monthly gain this year, as lower mortgage rates supported affordability.