British inflation data revealed a slower-than-expected rise of 3.4% in February, down from 4.0% in January, which was below economists' predictions of 3.5%. This softer inflation data could influence the Bank of England's interest rate decisions this year, the next one coming tomorrow. Markets are pricing in about 70 basis points of rate cuts for 2024.

In corporate news, Lloyds Bank has struck a partnership with British payments company PayPoint Group, becoming the main "card acquiring partner" for PayPoint. The partnership includes significant investment into Lloyds' card payments business, Cardnet, and aims to offer merchants expanded banking and card services.

Johnson Matthey announced the sale of its Medical Device Components business to Montagu Private Equity for $700 million, while Burberry's shares fell by 5%, following the trend set by Kering's warning.

Investors are awaiting today's Federal Reserve's decision and a speech from Jerome Powell, which could set the tone for global central banks. The Fed is expected to maintain its interest rates, with the focus shifting to its economic projections and rate expectations.

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