The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The blue-chip FTSE 100 index (.FTSE) fell 0.4% and the domestically focussed mid-cap index (.FTMC) declined 1.0%, tracking weakness in European and Asian peers. read moreBanks (.FTNMX301010) and insurers (.FTNMX303010) fell 0.6% and 0.4%, respectively, weighing on the benchmark FTSE 100 index. So going forward, as the BoE continues to hike rates, it could be negative for bank stocks." Meanwhile, the sterling pared early losses after briefly hitting a new 37-year low against a firm dollar.

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