FTSE 100 Dips as AstraZeneca Drags, BoE Promises Rate Cuts

The UK's FTSE 100 fell, ending its five-day rise, as AstraZeneca's shares declined. The midcap FTSE 250 rose, while investors focused on economic data and BoE's rate cut plans. Sterling dipped amid interest rate news, and ZIGUP's midcap shares dropped due to lower profit reports.

On Wednesday, the UK's FTSE 100 ended a five-day winning streak, primarily due to AstraZeneca's share decline following a target price cut. Investors assessed local economic data and remarks from Bank of England Governor Andrew Bailey on prospective interest rate cuts.

The blue-chip FTSE 100 dipped by 0.3%, in contrast to the midcap FTSE 250, which rose by 0.2%, reaching its highest point in over seven weeks at 1012 GMT. AstraZeneca's shares dropped by 2.7%, marking it as the biggest loser in the index after HSBC analysts lowered its stock target price.

Bank of England Governor Bailey confirmed gradual interest rate cuts next year, aiming for a total of 78 basis points by the end of 2023. The sterling's value fell following reports of expected rate cuts, while miner shares and copper prices dropped against a strong dollar. Meanwhile, ZIGUP, a significant midcap index entity, saw its shares fall by 8.4% following a drop in its pretax profit.

(With inputs from agencies.)