Britain’s main indexes fell on Wednesday, with healthcare and real estate stocks leading the decline despite positive developments in trade talks, as investor focus shifted to the upcoming U.S. Federal Reserve interest rate decision.
By 1008 GMT, the FTSE 100 was down 0.3%. The domestically focused midcap index slipped 0.2%, poised to end its nine-session upward streak.
An index of the UK’s healthcare companies dropped 2% after the U.S. Food and Drug Administration appointed Vinay Prasad, an oncologist previously criticized for FDA leadership and COVID-19 mandates, as the director of its Center for Biologics Evaluation and Research.
Shares of GSK and AstraZeneca fell between 4.4% and 2%, with GSK heading toward its largest daily decline in a month.
The real estate index shed 1.3% following an industry survey that showed Britain’s construction sector contracted for a fourth consecutive month in April.
These sector declines occurred despite progress on the global trade front. U.S. and Chinese officials are scheduled to meet in Switzerland this weekend for talks that could initiate steps toward resolving a trade war that has disrupted the global economy.
“The fact that there’s a meeting taking place at all is an advance on where we were some weeks ago, but it’s probably too much to expect a resolution on the basis of one meeting, as there are so many interrelated and complicated issues to address,” said AJ Bell investment director Russ Mould.
According to a UK official on Tuesday, the U.S. and Britain have made significant progress in negotiating a trade deal that would likely include lower tariff quotas on steel and automobiles.
Investors are now awaiting the Fed’s interest rate decision later today, with markets expecting rates to remain unchanged.
The Bank of England is anticipated to cut rates on Thursday.
In other developments, Barclays upgraded the FTSE 250 from “market weight” to “overweight.
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