FTSE 100 Steadies as UK Stocks Navigate US Fed Drama

London stocks stabilized on Wednesday after initial concerns over the U.S. Federal Reserve's independence shook global risk assets. The FTSE 100 steadied, recovering from a drop linked to President Trump's firing of Fed Governor Lisa Cook. Major FTSE sectors saw mixed movements as investors watched Nvidia's upcoming earnings.

London stocks managed to stabilize on Wednesday, just a day after apprehensions regarding the independence of the U.S. Federal Reserve sent shockwaves through global risk assets.

The blue-chip FTSE 100 held its ground at 9269.3 points by 1009 GMT, recovering from Tuesday's 0.6% decline. The drop followed U.S. President Donald Trump's decision to fire Federal Reserve Governor Lisa Cook, a move that her lawyer plans to challenge legally.

In sectoral movements, personal goods led gains among FTSE's top sub-sectors, rising by 1.3%, while utilities advanced by 1.1%. Notably, heavyweight banks experienced a 1% drop, marking a two-day slump, while leading pharmaceutical companies gained 0.7%. Investor attention is now shifting to Nvidia's anticipated earnings report due later.

(With inputs from agencies.)