Global investors weary ahead rate decisions
IMF cuts UK growth forecast
Pets At Home eyes best day in 8 month
FTSE 100 down 0.7, FTSE 250 off 0.7

Jan 31 Reuters The UK39;s main stock indexes slipped on Tuesday, as investors braced for a series of interest rate hikes from major central banks this week, while the IMF39;s warning about Britain39;s economic outlook added to the downbeat sentiment.

The bluechip FTSE 100 index slipped 0.7, with economically sensitive energy, banks and mining stocks leading losses.

Britain is the only Group of Seven nation to have suffered a cut to its 2023 economic growth outlook in International Monetary Fund IMF forecasts published earlier in the day, adding to pressure on Finance Minister Jeremy Hunt to come up with a growth plan.

The economy looks set to shrink by 0.6 this year, a sharp downgrade from IMF39;s previous forecast of 0.3 growth.

Traders are betting on an 80 chance of a 50 basis point rate hike by the Bank of England on Thursday in what would be its 10th consecutive move.

Despite the gloomy IMF forecasts, I think the Bank of England is still likely to stick to its 50 bps increase given that inflation remains in double digits, said Victoria Scholar, head of investment at Interactive Investor.

However looking ahead, the pace of tightening looks set to slow as the Bank of England tries to balance taming inflation without inadvertently bringing about a recession.

The midcap FTSE 250 index slipped 0.7.

Still, both the…