April 29 (Reuters) – UK shares drifted lower on Wednesday as traders digested mixed earnings, before turning their attention to global central bank policy decisions, including the Bank of England.
The blue-chip FTSE 100 index dipped 0.7% by 0950 GMT, slipping for the seventh time in eight sessions. The midcap FTSE 250 eased 0.1%.
• AstraZeneca and GSK fell 1.4% and 2.1%, respectively, after both drugmakers stuck to their full-year forecasts despite posting better-than-expected quarterly profit.
• Lloyds Banking Group dipped 1.4% despite reporting a better-than-expected rise in first-quarter profit.
• Earnings season is in full swing with investors cautious of any impact stemming from the Iran war.
• Efforts to end the Iran war were at an impasse with U.S. President Donald Trump unhappy with the latest proposal from Tehran as he wants nuclear issues dealt with from the outset.
• The war stalemate gives way to a Federal Reserve meeting later on Wednesday, followed by results from megacaps Alphabet, Microsoft, Meta and Amazon, which could set the tone for markets.
• With geopolitical uncertainty still high, the BoE is set to keep interest rates unchanged on Thursday.
• Tentative hopes of a resolution to the U.S.-Iran war have helped steady the FTSE 100, putting it on track for a marginal April gain after the conflict drove its worst monthly slump in six years.
• Among other moves, DCC surged 16% after the sales and marketing services provider said it was reviewing a cash takeover proposal from a consortium comprising U.S. investment firms Energy Capital Partners and KKR.
(Reporting by Medha Singh in Bengaluru; Editing by Vijay Kishore)
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