London's FTSE 100 bogged down by GSK, Unilever; budget, Fed in focus
EWU•The FTSE 100 fell 0.3% to 10,652.43 points as Unilever and GSK declined after quarterly results, ahead of the UK budget and the Federal Reserve's rate decision. The FTSE 250 rose 0.1%.
1. London shares slip
The FTSE 100 fell 0.3% to 10,652.43 points by 0954 GMT on Wednesday, while the FTSE 250 edged up 0.1%. Unilever dropped 2.2% after softer results in its foods business, and GSK fell 5.7%, the index's biggest decline, as investors were unconvinced by its pipeline-building push and growth plans tied to a £1.9 billion cost-savings drive.
2. Budget and Fed in focus
Investors awaited finance minister John Healey's first budget and the Federal Reserve's interest-rate decision, with the Fed widely expected to hold rates steady. Healey was expected to deliver a cautious budget, while a plan to remove fixed gas standing charges from household energy bills from 2027 was reported.
3. Other market moves
Standard Chartered gained 2.8% after it said it expects full-year operating income growth to exceed 7%, above its previous 5%-7% guidance. Brent crude rose 1.2% to $115.24 a barrel after an attack on a Saudi Arabian refinery renewed concerns about supply disruptions; the broader energy sector gained 0.2%.
