UK shares fall in broader risk-off moves

Asian stocks skidded as higher U.S. Treasury yields weighed on global technology firms, while Chinese regulatory moves on tech firms added to the downbeat mood. Prime Minister Boris Johnson said on Tuesday that England could withstand a surge in COVID-19 infections without shutting down the economy as Britain reported another record daily high in cases, fuelled by the Omicron variant. London Stock Exchange Group gained 1.2% after Citigroup upgraded the company's shares to "buy".

UK shares fell on Wednesday after touching fresh 22-month highs at the start of the year as risk sentiment faded in the global equity markets amid concerns about tighter U.S. monetary policy. The blue-chip FTSE 100 declined 0.2% at 0808 GMT, while the domestically focussed mid-cap index was flat.

Life insurance and banking stocks fell 0.5% and 0.3%, respectively, as ten-year gilt yields fell after a rally in the previous session fuelled by rate hike expectations. Asian stocks skidded as higher U.S. Treasury yields weighed on global technology firms, while Chinese regulatory moves on tech firms added to the downbeat mood.

Prime Minister Boris Johnson said on Tuesday that England could withstand a surge in COVID-19 infections without shutting down the economy as Britain reported another record daily high in cases, fuelled by the Omicron variant. London Stock Exchange Group gained 1.2% after Citigroup upgraded the company's shares to "buy".