London's FTSE 100 bogged down by GSK, Unilever; budget, Fed in focus
Oct 28 - London's FTSE 100 slipped on Wednesday, with Unilever and GSK leading declines after their quarterly results, in a cautious market ahead of finance minister John Healey's first budget and the US Federal Reserve's interest rate decision.
The blue-chip FTSE 100 index .FTSE fell 0.3% to 10,652.43 points by 0954 GMT, while the midcap FTSE 250 .FTMC inched up 0.1%.
Healey planned to remove fixed gas standing charges from household energy bills from 2027, The Telegraph reported
He is expected to announce a cautious budget, trying to avoid more bond market pressure, with banks and gambling firms among those that could be taxed more
"It's really a waiting game... We're not expecting massive moves today and it's unlikely we'll see too many surprises," said Nick Saunders, CEO of investment platform Webull UK
Standard Chartered STAN.L gained 2.8% after the lender said it expects full-year operating income growth to exceed 7% — above its prior 5%-7% guidance
Unilever ULVR.L fell 2.2% after reporting softer results in its foods business, dragging the personal care, drug and grocery sector .FTNMX452010 down nearly 1.2%
GSK GSK.L bottomed the FTSE 100 with a 5.7% slump as its pipeline-build push and growth plans via a £1.9 billion ($2.52 billion) cost-savings drive failed to convince investors
The pharmaceutical and biotechnology sector .FTNMX201030 declined 1.7%
Brent crude futures rose 1.2% to $115.24 a barrel after an attack on a Saudi Arabian refinery renewed concerns over potential supply disruptions
The broader energy sector .FTNMX601010 was among the few gainers, rising 0.2%
"Financials, house builders, utilities and defence stocks are likely to be the most sensitive," Saunders said
Markets will closely watch the Fed's monetary policy meeting, where it is widely expected to hold interest rates steady