Stock market today: FTSE 100 flat as the ECB meets and the BoE looms

What trading showed. European markets ended Wednesday, 28 October, almost where they started. Reuters says the pan-European Stoxx 600 rose 0.07% to 644.14 points. Weak company earnings and costlier oil made investors careful ahead of a central bank decision. Oil rose 1.7%.

London and its neighbours. The FTSE 100 ended a touch higher after UK finance minister John Healey unveiled his first budget. BBN Times says the index closed at 10,694.50 (+0.07%). It also reports that Germany's DAX rose 0.44% to 25,704.02 and France's CAC 40 finished at 7,886.96, almost unchanged. These are Wednesday's closing figures. We did not find sourced numbers for today's trading.

Why the market is waiting for the ECB. The ECB's Governing Council meets on 29 October. The rate decision is published at 14:15 Central European Time (13:15 in London), followed by a press conference. Reuters says investors widely expect a hold but will look for clues on the path ahead. With French bond yields high, the market is also watching for a softer tone from the ECB.

The Bank of England. In September the Bank of England kept its rate at 3.75%. Economists, Sky News says, expect a hike before the end of the year. The Bank itself gives its next decision date: Thursday 5 November 2026. It says war in the Middle East has pushed up energy prices, and inflation reached 3.1% in August.

The Fed. The US Federal Reserve left rates unchanged on Wednesday, Sky News reports. We cover that decision in a separate story.

What we do not know. What the ECB will decide, how stocks will react, and what the Bank of England will do on 5 November. This is a summary, not advice to buy or sell.

Confirmed facts

• The Stoxx 600 rose 0.07% to 644.14 points on Wednesday 28 October; weak earnings and a 1.7% rise in oil made investors cautious ahead of the ECB decision.^[4]
• The FTSE 100 ended a touch higher after the first budget of UK finance minister John Healey.^[4]
• According to BBN Times, the FTSE 100 closed at 10,694.50 (+0.07%), the DAX rose 0.44% to 25,704.02 and the CAC 40 closed at 7,886.96, almost unchanged.^[6]
• The ECB Governing Council holds its monetary policy meeting on 29 October 2026, followed by a press conference.^[1]
• ECB monetary policy decisions are published in a press release at 14:15 CET on the day of the meeting.^[2]
• Investors widely expect the ECB to hold and will look for clues on the path ahead, Reuters says; the market is also watching for signs of a softer tone because of high French bond yields.^[4]
• The Bank of England kept its rate at 3.75% in September; economists expect a hike before the end of the year.^[5]
• The Bank of England will announce its next decision on Thursday 5 November 2026; Bank Rate is 3.75% and inflation reached 3.1% in August.^[3]
• The US Federal Reserve left interest rates unchanged on Wednesday.^[5]

Implications

• Our readingCalm trading on Wednesday suggests investors are waiting for the central bank decisions.
• Our readingIf the Bank of England raises rates, borrowing in the UK may get costlier.
• ConfirmedCostly energy from the war in the Middle East remains the main pressure on UK inflation.

Still unknown

• What the ECB will decide on 29 October and what it will say at the press conference.
• How European markets will close on 29 October: we found no sourced numbers for today.
• Whether the Bank of England will raise rates on 5 November.

Who it affects

United Kingdom, Eurozone, United States. People following UK and European stocks, central bank rates and borrowing costs

Sources

1. European Central Bank: Schedules for the meetings of the Governing Council and General Council of the ECB October 28, 2026 · official
2. European Central Bank: Monetary policy decisions October 29, 2026 · official
3. Bank of England: What is happening with interest rates in the UK? September 17, 2026 · official
4. The Business Times (Reuters): Europe's Stoxx 600 subdued as earnings and oil prices weigh October 28, 2026 · media
5. Sky News: US makes interest rate decision - as Bank of England verdict looms October 29, 2026 · media
6. BBN Times: CAC 40 Ends Flat at 7,886.96 as a 15% Stellantis Surge Offsets Dassault Systemes Losses Before the Fed and ECB October 29, 2026 · media