UK's FTSE 100 falls as AstraZeneca, BoE Governor's comments weigh
04/12/2024 17:38
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FTSE 100 down 0.3%, FTSE 250 up 0.5%
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AstraZeneca falls after PT cut, executive change
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UK Services PMI falls to 50.8 in November
(Updated at market close)
Dec 4 (Reuters) - Britain's FTSE 100 fell on Wednesday,
ending a five-day winning streak, dragged by a decline in
AstraZeneca, while investors assessed domestic economic data and
Bank of England Governor Andrew Bailey's remarks on interest
rate cuts.
The blue-chip FTSE 100 .FTSE fell 0.3%, while the midcap
FTSE 250 .FTMC rose 0.5% to its highest since Oct. 21.
AstraZeneca AZN.L slipped 2.8% to the bottom of the
blue-chip index after HSBC analysts cut its target price to
13,720p from 14,070p and the drugmaker named Iskra Reic as its
new international executive vice president.
Shares of copper miners such as Glencore GLEN.L and Anglo
American AAL.L declined 1% and 2.5% respectively, as the
metal's price eased against a firm dollar. MET/L
Meanwhile, BoE's Bailey reiterated that there will be
gradual cuts in interest rates next year.
The sterling GBP= briefly dipped after the Financial Times
reported Bailey saying the BoE expected four interest rate cuts
next year.
The BoE is expected to keep interest rates on hold at 4.75%
this month, but deliver about 79 basis points worth of rate cut
by the end of next year. 0#BOEWATCH
Separately, Britain's dominant services sector lost steam in
November, although not as much as first feared, as a looming
rise in employer taxes weighed on firms' hiring plans, a survey
showed.
Legal & General LGEN.L climbed 6% to top the FTSE 100
after the life insurer said it was planning to return capital to
shareholders and was on track to meet its financial targets.
A Reuters report said that Shell SHEL.L is stepping
back from new offshore wind investments and is splitting its
power division. Its shares slipped 1%.
ZIGUP ZIG.L was the top loser on the midcap index, falling
12.9% as the commercial vehicle rental provider's pretax profit
fell 17.2% to 82 million pounds ($104.1 million) for the first
half.
On the global front, investors braced for a crucial
no-confidence vote by French lawmakers that will likely oust
Prime Minister Michel Barnier's government. France's benchmark
index CAC 40 .FCHI was up 0.7%.
(Reporting by Nikhil Sharma and Sukriti Gupta in Bengaluru;
Editing by Shinjini Ganguli and David Evans)
((Nikhil.Sharma@thomsonreuters.com;))
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