FTSE 100 Dips Despite Record High Amid AstraZeneca and Energy Stock Losses

The FTSE 100 index slipped after reaching a record high due to losses in AstraZeneca and energy stocks. Miners gained as gold and copper rose. The Bank of England is expected to maintain interest rates, with grocery inflation easing slightly, providing some relief to UK shoppers.

The FTSE 100 index in London saw a decline on Tuesday, despite hitting a record high earlier in the session, due to setbacks in AstraZeneca shares and energy stocks. Investors remained cautious as they awaited the Bank of England's policy meeting later in the week.

AstraZeneca's shares fell by 1.5% following U.S. regulators' decision to reject a user-friendly version of its lupus drug Saphnelo, delaying potential approval to 2026. This contributed to the FTSE 100 index's 0.2% drop, despite initial positive momentum from miners Endeavour Mining and Fresnillo.

Commodity-linked stock selloffs continued, influenced by market reactions to the nomination of Kevin Warsh as the next U.S. Federal Reserve chair. Additionally, Shell and BP shares declined as oil prices fell amid discussions of reduced U.S.-Iran tensions. Meanwhile, UK grocery inflation eased, offering relief to consumers.