UK's FTSE 100 index steadied on Wednesday as investors awaited a key U.S. Federal Reserve monetary policy decision later in the day, with GSK leading healthcare stocks higher after raising its full-year forecast.
Investors globally remained optimistic ahead of what will likely be the Fed's fourth straight 75-basis-point interest rate increase, with many hoping for signs of a slowdown in future rate hikes."They have their own reasons for raising rates, but are both facing the same issues – inflation," said Raed Alkhedr, chief market analyst at Equiti Capital.
Third-quarter earnings among companies on the FTSE 100 have so far painted a mixed picture, as some firms performed better than expected as COVID restrictions eased globally, while some battled supply chain snags and surging inflation. "It is after a certain level that interest rate hikes start hitting company results... So, I think that during the first quarter of the coming year, a recession will be so clear such that we are going to start feeling the impact on results," Alkhedr said.
British American Tobacco Plc fell 3%, to the bottom of FTSE 100, after Goldman Sachs downgraded its performance rating for the stock to "neutral".Our Standards:
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