UK stocks extend losses; Avast soars as regulator clears NortonLifeLock deal

The blue-chip FTSE 100 index was down 0.4%, as of 0717 GMT, while the domestically focussed midcap index dropped 0.2%. Both indexes inched lower for a third day after clocking strong gains in July. Global markets were also volatile after a trio of Federal Reserve policymakers signalled on Tuesday that there would be no let-up in the tightening campaign, while investors assessed the fallout of U.S. House Speaker Nancy Pelosi's Taiwan visit, which has angered China.

UK's main stock indexes inched lower on Wednesday, as investors maintained a cautious stance over the pace of monetary policy tightening, while Avast surged after the cybersecurity firm won regulatory approval for NortonLifeLock's $8.6 billion deal. The blue-chip FTSE 100 index was down 0.4%, as of 0717 GMT, while the domestically focussed midcap index dropped 0.2%. Both indexes inched lower for a third day after clocking strong gains in July.

Global markets were also volatile after a trio of Federal Reserve policymakers signalled on Tuesday that there would be no let-up in the tightening campaign, while investors assessed the fallout of U.S. House Speaker Nancy Pelosi's Taiwan visit, which has angered China. Shares of Avast Plc soared 42.2% after Britain's competition regulator said it has provisionally cleared cybersecurity firm NortonLifeLock's $8.6 billion purchase of its rival.

Hiscox tumbled 8.3% after the Lloyd's of London insurer posted a first-half pretax loss of $107 million, hit by a steep decline in the value of its investment portfolio.