Britain’s FTSE 100 index rose on Thursday, boosted by Diageo after a brokerage upgrade, while SThree weighed on the midcap index as it dropped to a more than four-year low on a profit warning.

The benchmark FTSE 100 was up 0.2% and the midcap FTSE 250 fell 0.14% at 0930 GMT.

Leading the blue-chip index’s gains was Diageo which rose 3.3% after brokerage UBS upgraded the spirit maker’s rating to ‘buy’ from ‘sell’, helping the beverages sector lead sectoral gains with a 2.9% rise.

SThree tumbled 23% after the recruiter warned about the current financial year profit, citing tough hiring market conditions amid increased political and macroeconomic uncertainty, particularly in Europe.

In contrast, Auction Technology gained 7% after private equity firm TA Associates agreed to sell 15.3 million shares in the online auction operator at 5.50 pounds per share.

FTSE 100 edges higher after US inflation data

Currys advanced 11.7% as the electricals retailer maintained its annual profit growth forecast and reported a return to first-half profit.

Meanwhile, the European Central Bank is all but certain to cut interest rates again on Thursday and signal further easing in 2025 as inflation across the euro zone is nearly back at target and the economy is faltering.

On the other hand, the Bank of England is expected to hold rates at its meeting next week. Its governor Andrew Bailey earlier this month pointed to gradual cuts in interest rates over the next year.

Gross domestic product estimate for October, due on Friday, will be a key economic indicator before the BoE’s Dec. 19 policy verdict.

Britain’s housing market strengthened further in November although uncertainty over the economic outlook could curtail activity in the months ahead, according to a survey on Thursday from the Royal Institution of Chartered Surveyors.

Across the Atlantic, an in line reading from U.S. consumer inflation data on Wednesday firmed bets for a Federal Reserve interest rate cut next week.