Today, UK indices are rather flat in quiet trading ahead of two important monetary policy decisions from the Fed and the Bank of England, due later this week.

Last week, as expected by a slight majority of the market, the European Central Bank raised rates, suggesting that this was the last time for the current cycle. As economists were expecting one more hike, the news was welcomed by the stock market.

Dampening the mood today, manufacturing trade body Make UK lowered its forecast for the sector's growth for this year and 2024, due to a drop in factory output and economic uncertainty.

Among stocks, life insurer Phoenix Group rose 1% after it unveiled strong results and guidance, while packaging group Mondi Plc jumped 4.6% after it said it will sell its largest plant in Russia to Sezar group for 80 billion roubles.

Things to read today:

Economists expect Fed to defy investors with more interest rate rises (Financial Times)

Hold the Champagne on China’s Economy (Bloomberg)